Natuzzi's Italsofa sales up 98.6%
Joan Gunin -- Furniture Today, November 17, 2002
Santeramo in Colle, Italy — Upholstery producer Natuzzi said its third-quarter sales, in euros, decreased 1.2% from the comparable 2001 quarter, while net income slipped 3.8%.
Upholstery sales of $155.1 million were 0.3% lower in value, despite a 5.8% increase in the number of seat units sold.
Sales of Natuzzi-branded furniture came to $126.2 million, down 10.5%, while sales of the company's new promotional line, Italsofa, jumped 98.6% to $28.9 million.
Third-quarter upholstery sales in the Americas rose 5.4% to $82.4 million, mainly because of the growing acceptance of Italsofa. Upholstery sales in Europe decreased 8.3% to $61.7 million because of a weak economy. In the rest of the world, upholstery sales grew 8.7% to $11 million.
Leather upholstery sales of $133.7 million in the quarter were down 2.5%, while fabric upholstery (microfiber) rose 16% to $21.5 million. For the first nine months of the year, fabric products accounted for 14.8% of the company's upholstery sales.
"I remain confident our ongoing investments in building Natuzzi's brand will result in satisfactory returns over the long term," said Pasquale Natuzzi, chairman and chief executive officer.
"In addition to increasing the number of Natuzzi stores and galleries around the world, our efforts are focused on creating, in conjunction with our retail partners, store environments that enhance and simplify the consumer's shopping experience and, ultimately, drive floor sales," he added.
Natuzzi said its gross profit margin in the third quarter grew to 33.5% from 32.6% a year ago, primarily because of relatively stable leather prices.
| Natuzzi | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 9/30 | 2002 | 2001 | Change |
| (a) Includes net foreign exchange gains of $3.1 million in the 2002 quarter and $3.6 million in the 2001 quarter. (b) Includes an $8.3 million net foreign exchange gain in the 2002 nine months and a $5.6 million net foreign exchange loss in the 2001 nine months. | |||
| Sales | $169,200,000 | $155,000,000 | 9.2% |
| Operating income | 17,500,000 | 18,400,000 | (4.9%) |
| Net income(a) | 17,600,000 | 16,600,000 | 6.0% |
| Earnings per share | 0.32 | 0.30 | 6.7% |
| 9 months ended 9/30 | 2002 | 2001 | Change |
| Sales | $558,800,000 | $527,000,000 | 6.0% |
| Operating income | 75,900,000 | 69,600,000 | 9.1% |
| Net income(b) | 67,700,000 | 51,000,000 | 32.7% |
| Earnings per share | 1.24 | 0.92 | 34.8% |
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