Natuzzi 2Q sales up 18.7%
By Joan Gunin -- Furniture Today, September 9, 2001
SANTERAMO, Italy — Upholstery producer Natuzzi said second-quarter sales increased 18.7% from the comparable period a year earlier to the equivalent of $183.5 million. First-half sales were up 22.1% to $372.1 million.
Second-quarter net income, however, decreased 36.8% from a year ago to 32.3 billion lire, the equivalent of $14.6 million. First-half net income fell 17.9% to $34.4 million.
"While we turned in our sixth consecutive quarter of double-digit sales growth," said Pasquale Natuzzi, chairman and chief executive officer, "Natuzzi's earnings performance was again impacted by rising leather prices and increased transatlantic shipping costs. However, as we projected last May, leather prices and transportation costs have begun to moderate and are expected to decline for the remainder of the year.
"Despite difficult overall trading conditions in the United States, our largest market, Natuzzi continued to generate strong sales growth in the second quarter on a healthy order backlog," he said.
The company said it has increased its inventory of raw materials to support increasing production of Italsofa and SoFast, products that are sold on a stock basis.
He said incoming orders in the United States were down 8.5% from a year earlier, but were up in other regions — by 11% in Europe and 21% in the Asia/Pacific region.
Seats sold in the second quarter increased 14.2% from a year earlier to 761,512. In the Americas, unit volume rose 10.4% to 336,839 seats, while unit volume in Europe increased 18.9% to 285,858 seats. Seats sold in Italy were up 12% to 92,889 units, and sales in the rest of the world rose 20.1% to 45,926.
| Quarter ended 6/30 | 2001 | 2000 | Change |
|---|---|---|---|
| Sales | 406,799 | 342,752 | 18.7% |
| Operating income | 50,313 | 68,906 | (27.0%) |
| Net income (b) | 32,285 | 51,113 | (36.8%) |
| Earnings per share (c) | $0.27 | $0.43 | (37.2%) |
| 6 months ended 6/30 | 2001 | 2000 | Change |
| Sales | 803,117 | 657,788 | 22.1% |
| Operating income | 110,878 | 135,148 | (18.0%) |
| Net income (b) | 74,329 | 90,579 | (17.9%) |
| Earnings per share (c) | $0.62 | $0.78 | (20.5%) |
| (a) In millions of Italian lire, except for earnings per share, which are in U.S. dollars. (b) Includes minority interest losses of ITL 6 million in both quarters, ITL 27 million in the 2001 six months and ITL 70 million in the 2000 six months, and net foreign currency exchange losses of ITL 10.7 million in the 2001 quarter, ITL 5.1 million in the 2000 quarter, ITL 19.9 million in the 2001 six months and ITL 22.8 million in the 2000 six months. (c) Converted at the rate of US$1=ITL 2,216.43 for the 2001 quarter, US$1=ITL 2,074.4 for the 2000 quarter, US$1=ITL 2,158.17 for the 2001 six months and US$1=ITL 2,019.2 for the 2000 six months. | |||
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