5 December 2022
Specialist leather furniture group Natuzzi has reported revenues of €352 million for the first nine months of 2022, writes Leatherbiz.
This figure represents an increase of 12.9% compared to the same period last year. Natuzzi pointed out that it also represents growth of 22.9% compared to the first nine months of the pre-pandemic year of 2019.
However, the group said sales had begun to dip in the second quarter of this year and that this negative trend was ongoing. It said footfall in its own stores was down and that retail partners through whom it also sells products were having to manage high levels of inventory.
Chairman, Pasquale Natuzzi, said on releasing the latest results that the group had been improved its operating model and that this had helped its financial performance, but he said the overall economic environment remained challenging, particularly for the furniture sector.
He said: “High inflation is reducing disposable income levels for consumers. This, together with geopolitical uncertainty, is leading consumers to postpone decisions to buy furniture.”
Mr Natuzzi said the group remained committed to the long-term plans it has in place for growth.