Natuzzi leather upholstery sales up, profits down
Italian sofa maker Natuzzi has reported a 3.8% rise in leather upholstered furniture sales in the first quarter 2004 to €138 million ($172.7 million), accounting for 81% of sales. In comparison, fabric upholstered sales fell 0.3% over last year’s quarter to €31 million.
The figures were recorded against a 4.5% rise in all sales to €192 million. However, pre-tax profits slumped 27.4% while net profit margin declined to 4.9% from 8.1% the year-previous. Pasquale Natuzzi, chairman and CEO, commented “We are pleased with the growth in revenues and units sold reported in the first quarter of 2004 notwithstanding a global economic scenario still dominated by uncertainty, strong appreciation of the Euro against the US Dollar and pricing pressure coming from low cost competitors.”
