Natuzzi posts satisfactory Q4 and full year earnings
Natuzzi S.p.A, the leather furniture producer, has posted strong fourth quarter and full year earnings, for the period ended
The Italian firm generated Q4 sales of Eur202.6 million ($202.7 million), up 2.6% compared with 2001. Full year sales increased 2.4% to Eur805.1 million ($761.5 million).
Natuzzi’s full year operating income increased 20.9% to Eur91.4 million ($86.5 million), while its earnings per share went up 21.7% to Eur1.67 ($1.58). Despite strong sales, Q4 profits decreased slightly by 1.1% to Eur18.4 million ($18.4 million).
Pasquale Natuzzi, chairman and chief executive officer said: “The slight decrease in our fourth quarter income was primarily due to an increase in selling expenses, especially advertising and a higher tax rate. For full year 2002, however, profits increased substantially as a result of lower material costs and foreign exchange gains.”
For 2003, the firm will add 150 galleries and 40 Natuzzi and Divani & Divani by Natuzzi stores to its global network of 196. The company will also concentrate on its lower-end line, Italsofa.
