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Natuzzi leather upholstered net sales up

05 Sep '08
5 min read

In the three-month period ended June 30, 2008, leather upholstered net sales increased by 5.7 percent at EUR 133.8 million, whereas fabric upholstered net sales were 23.0 percent down at EUR 14.1 million as compared with 2007 second quarter.

Total net sales for the Natuzzi branded products during 2008 second quarter were at EUR 93.7 million, decreasing by 1.2 percent compared to the previous year same quarter, whereas total net sales for the Italsofa products increased by 8.2 percent at EUR 54.2 million over the same period of last year.

GROSS & OPERATING RESULTS
For the three-month period ended June 30, 2008, the Group reported a gross profit of EUR 48.2 million, 6.6 percent up from EUR 45.2 million reported in the prior year quarter. As a percentage of sales, gross margin increased at 28.6 percent from 27.8 percent reported in the previous year second quarter.

For the quarter ended June 30, 2008, the Group reported a EUR 5.1 million operating loss versus an operating loss of EUR 9.2 million in 2007 second quarter.

FOREX AND TAXES
During the second quarter of 2008 the Group had a net foreign exchange gain of EUR 5.1 million from a net foreign exchange gain of EUR 0.6 million in last year comparable quarter. Income taxes for the second quarter of 2008 were EUR 1.4 million.

NET RESULT AND GROUP EARNINGS PER COMPANY'S SHARE
For the quarter ended June 30, 2008 the Group reported net losses of EUR 2.4 million, or EUR 0.04 losses per share (ADR), compared to net losses of EUR 4.2 million, or EUR 0.08 losses per share, in the second quarter of 2007.

Considering the six months ended June 30, 2008 the Group reported net losses of EUR 25.9 million, or EUR 0.47 losses per share, as compared with net losses of EUR 9.0 million, or EUR 0.16 losses per share, in the first semester of 2007.

SECOND QUARTER 2008 FINANCIAL HIGHLIGHTS

- TOTAL NET SALES UP BY 3.9% AT EUR 168.8 MILLION AND UNITS SOLD UP BY 2.7% OVER 2Q07

- OPERATING LOSS AT EUR 5.1 MILLION FROM AN OPERATING LOSS OF EUR 9.2 MILLION IN 2Q07

- NET LOSSES AT EUR 2.4 MILLION VERSUS NET LOSSES OF EUR 4.2 MILLION IN 2Q07

- EXPECTED 1.0 BILLION EUROS OF NET SALES AND 15% EBIT MARGIN BY THE END OF 2011

Natuzzi S.p.A.

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