Natuzzi reports larger 3Q loss as sales decline 0.5%
Larry Thomas -- Furniture Today, November 28, 2011
SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi reported a third-quarter net loss of $14.5 million as worldwide sales slipped 0.5%.
The company, which reports key financial statistics in U.S. dollars, said the loss was nearly double the net loss of $7.8 million in last year's third quarter.
Worldwide sales for the three months ended Sept. 30 totaled $161.6 million, down from $162.5 million in the same quarter in 2010.
Sales in North America totaled 41.5 million euros, or about $58.6 million. That was down 2.6% from 42.6 million euros, or about $60.2 million, in last year's third quarter.
For the nine months ended Sept. 30, worldwide sales fell 7.7% to $502.2 million. Sales in North American tumbled 17.3% to 105.3 million euros, or about $148.8 million.
The nine-month net loss totaled $5.1 million. That's down from a loss of $13.5 million in the first nine months of 2010.
Pasquale Natuzzi, chairman and CEO, said North American sales, in particular, were affected by production delays stemming from the relocation of the company's factory in China. Since the end of the quarter, he said, normal production schedules have resumed.
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