Sateramo In Colle, Italy-based Natuzzi, Italy’s largest furniture manufacturer, has released its financial results for the third quarter.

For the three months ended September 30 2003, the company posted profits of $68.4 million, a 5.4% increase on the year before.  Net sales edged up 1.2% to $196 million with leather-upholstered furniture accounting for $135.6 million of the total, an 11.3% decrease on the year before.  By contrast, fabric upholstered furniture sales came in at $30.8 million, 25% up compared with the third quarter 2002.

Total net sales at 'Divani & Divani by Natuzzi', 'Natuzzi Store' and 'Kingdom of Leather' stores climbed 32.1% to $ 24.1 million. During the quarter, 12 new stores were opened in Italy, France, USA, United Kingdom, Switzerland and Malta bringing the total number to 133 in Italy and 97 abroad.

Sales of Natuzzi-branded furniture, which accounted for 76.6% of third quarter total net upholstery sales, were $ 127.5 million, down 11.7 percent compared to last year's quarter sales of $126.2 million. In the same period, net sales of Italsofa branded furniture increased 17.3 percent to $ 40 million.

"The weak economic conditions reported in Europe in the period, the appreciation of the Euro against the dollar and other currencies in which we export had a negative effect on Natuzzi's upholstery sales performance," commented Pasquale Natuzzi, Chairman and Chief Executive Officer.

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