Natuzzi trims loss despite 13.3% sales drop in 4Q
Furniture Today Staff -- Furniture Today, April 29, 2011
SANTERAMO IN COLLE, Italy — Leather upholstery major Natuzzi said fourth-quarter sales fell 13.3% amid declines in its key markets in North America and Europe.
The company, however, said the quarterly net loss was smaller than the loss in the previous year's fourth quarter.
Worldwide sales for the quarter totaled $179.2 million, down from $206.7 million in the fourth period of 2009. Natuzzi, which reports in euros but also gives some of its sales and income figures in U.S. dollars, said sales in North and South America were off 16%, while Europe (excluding Italy) was off 17.9%
The net loss for the quarter totaled 1.4 million euros, or the equivalent of $1.9 million. In the previous year's fourth quarter, the loss came to 2.5 million euros, or $3.4 million.
For the full year, the top line improved as worldwide sales rose 0.6% to $688.1 million. Sales in North and South America were up 17.5% for the year, but sales in Europe were 11.4% below 2009, the company said.
The net loss for 2010 totaled 11.1 million euros or $14.7 million. The previous year's loss was 17.7 million euros, or $23.5 million.
Natuzzi (a) | |||
Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
Quarter ended 12/31 | 2010 | 2009 | Change |
Sales | 132,000,000 | 152,200,000 | (13.3%) |
Operating income | 200,000 | 2,100,000 | (90.5%) |
Net income | (1,400,000) | (2,500,000) | - |
Earnings per share | (0.03) | (0.05) | - |
Year ended 12/31 | 2010 | 2009 | Change |
Sales | 518,600,000 | 515,400,000 | 0.6% |
Operating income | 400,000 | (10,600,000) | - |
Net income | (11,100,000) | (17,700,000) | - |
Earnings per share | (0.20) | (0.32) | - |
(a) All figures are in euros. | |||
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