Natuzzi nets record sales in Q1
The Italian leather furniture maker Industrie Natuzzi S.p.A. has announced record sales for the first quarter of 2001 on the back of continued strong revenue growth in the U.S. market.
Natuzzi's net sales increased 25.8 percent to ITL 396.3 billion ($175 million), compared to the first quarter of 2000. Net income for the first quarter increased 6.5% percent over the prior year's quarter to ITL 42.0 billion, or $ 20.0 million. Net income per ADR increased 9.9% to ITL 755, or $ 0.36.
The announcement coincided with the news that Natuzzi is to build a new 30,000 square metre factory in Baia Mare, Romania.
Thought the new facility will concentrate on the production of semi-finished wood furniture frames, capacity will also be given over to the manufacture of a new low-cost range of leather armchairs and sofas, which will be marketed in the Europe under the Italsofa brand.
The Romanian factory is the latest in a series of major manufacturing investments made by Natuzzi in the past year. Since mid-2000, the company has begun construction of new factories in Ginosa and Laterza, Italy; Shanghai, China; and Salvador de Bahia, Brazil. It has also expanded production in the Apulia and Basilicata regions of Italy and several weeks ago commissioned a new plant in Ginosa.
