Italian leather specialist Natuzzi has announced that revenue for its third quarter fell double-digit, although its European market delivered a positive return.
According to Natuzzi’s Q3 consolidated results for the nine months ended 30 September 2016, EBITDA rose by 2.1% at €2.2m, compared to €1.5m in the same period of the previous year.
However, sales slumped by 11.4% to €102m from €115.1m last year, with its core upholstery market bearing the brunt of the negative performance, as sales fell by 12.9%. Revenue of other furnishings within the group did improve by 5.2%, but only represented €5.8m.
Natuzzi said that net income has improved from a loss of €18.3m in 2015 to a loss of €6.6m this year, whilst its third quarter results – ‘although not visible in the net numbers yet’ – continue to improve under its new strategy and organisation.
Despite overall group revenue suffering, Natuzzi did stress that its markets in both Europe and Asia are delivering positive results, as well as confirming that its expansion in North America continues with an agreement in place to acquire stores in Florida.
Natuzzi chief financial officer Vittorio Notarpietro, said: “We recently acquired five existing franchised stores in Italy and seven in Florida. For stores we operated at the beginning of 2016, revenues have increased 2.8% through mid-November.”