Natuzzi reports record sales
Industrie Natuzzi, the world's leading manufacturer of leather furniture, has announced record sales for the second quarter of 2001. Net sales increased 18.7 percent to L406.8 billion ($183.5 million), compared to the second quarter of 2000. For the six months to June 30, 2001, net sales increased 22.1 percent to L803.1 billion ($372.1 million).
Despite the positive sales growth, profits fell due to increased costs, mainly caused by rises in the price of leather. Net income for the second-quarter of 2001 dropped 36.8% percent compared with last year to L32.3 billion ($14.6 million). For the first half of 2001, net income was down 17.9% to L74.3 billion, ($34.4 million), compared with the previous year. Earnings per ADR (share) therefore fell 20.5% to $ 0.62 in the first half of this year.
Pasquale Natuzzi, Chairman and Chief Executive Officer of Industrie Natuzzi, said: "While we turned in our sixth consecutive quarter of double-digit sales growth, Natuzzi's earnings performance was again impacted by rising leather prices and increased transatlantic shipping costs. However, as we projected last May, leather prices and transportation costs have begun to moderate and are expected to decline for the remainder of the year."
