Natuzzi slashes Q1 loss despite sales decline
June 1, 2016,
SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi said worldwide sales slipped 1.5% in the quarter ended March 31, but the Italian company slashed its net loss to 200,000 euros, or about $223,000.
The company said recent production improvements at its factories and a reduction in raw materials costs — particularly leather — led to the improved bottom line.
Last year’s first-quarter loss totaled 9.8 million euros, or about $10.91 million.
The company’s gross margin improved to 34.3% from 29.4% in the first quarter of 2016.
Natuzzi didn’t break out sales for the U.S. market, but noted that the United States, China, Germany, Belgium and Spain are “key markets for the development of the retail business.”
The company said 10 new retail stores, including five in China, were opened during the quarter.
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