12 April 2024

Italy - Natuzzi restructures as the interiors market cools

Fourth quarter 2023 invoiced sales, which were announced on April 5, for Italy based interior retail brand Natuzzi amounted to €84.1 million, reflecting a decrease of 27.8% compared to a strong Q4 2022. Report by ILM.

Q4 2022 results benefitted from a €16.9 million reduction in backlog. Net of the backlog effect, the decrease would have been of 15.5%. In Q4 2023 the company accelerated its restructuring program both within its own factories and at its headquarters as a part of a long-term transformation process to increase competitiveness and enhance margin generation. In particular, in Q4 2023, the company had €5.9 million of one-off restructuring costs.

Q4 2023 gross margin net of one-off restructuring costs is 36.2%, compared with 38.8% in Q42022 and 34.6% in Q4 2019.

After the restructuring costs in the fourth quarter of 2023, Natuzzi reported an operating loss of €1.4 million.

Pasquale Natuzzi, Chairman of the Group, commented: “Market conditions for the furniture industry have remained challenging during 2023. It’s evident that the furniture industry faced extraordinary conditions in 2023, with major markets experiencing a significant slowdown in demand, following two consecutive strong years post-Covid.”

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