The Italian leather furniture manufacturer, Natuzzi, has posted a 6.6% decline in second quarter net sales, citing the increased strength of the Euro.

For the quarter ended June 30 2003, sales of all furniture came in at Eur202.6 million, compared with Eur217 million the year before. Leather upholstered sales fell 14% to Eur147.1 million. Net earnings were down 50.7% to Eur15 million.

Half year net sales fell 10.3% to Eur386.1 million and the total number of seats sold declined 1.8%. Net earnings were down 40.4% to Eur32.9 million.

The firm has announced that in order to improve its competitiveness, it has devised a plan aimed at increasing productivity and reducing costs by Eur35-40 million in 2004.

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