Sales continue to rise for Natuzzi in first quarter
Italian leather sofa manufacturer Natuzzi has announced results for the first quarter ended March 31, 2002. Sales increased by 4.3% to 213.6 million euros ($187.3 million) compared to the same period in 2001. Net income was also up 16.6% to 25.3 million euros ($22.2 million).
During the quarter total net sales to Natuzzi and Divani & Divani by Natuzzi stores increased 28.9% compared with the previous year to 27.5 million euros ($24.1 million). Two new outlets were opened during the quarter, bringing the total number of Divani & Divani and Natuzzi stores in Italy to 115. Outside Italy there are 52 such stores.
Pasquale Natuzzi, chairman and chief executive officer, said: "We are pleased with first-quarter earnings, which benefited from lower-than-expected leather prices and transportation costs. Furniture sales rose at a slower pace in the first quarter, but our plan calls for an increase in production capacity in order to achieve our target of low double-digit unit growth for 2002."
