(RTTNews) - Tuesday, Santeramo, Italy - based Natuzzi S.p.A. (NTZ:
News ), a manufacturer of leather-upholstered furniture, posted a wider loss for its second quarter ended June 30, 2009. Revenues were down as a result of sluggish economic environment.
The Italian group posted a wider quarterly loss of EUR 3.9 million or 0.07 cents, compared with EUR 2.4 million or 0.04 cents last year.
Natuzzi's quarterly net sales plunged 20.8% to EUR 133.6 million from EUR 168.8 million, decline was primarily due to the general downturn of the international economy that has had a deep impact on the consumer sector, mainly in USA. Segmentally, Upholstery net sales were EUR 116.9 million or 87.5% of total net sales, compared with EUR 147.9 million or 87.6% of total net sales in the second quarter of 2008. Geographically, upholstery net sales were 61.8%, 28.2% and 10%, in Europe, America and rest of the world, respectively.
For the second quarter 2009, cost of goods sold totaled EUR 83.2 million or 62.2% of net sales as against EUR 120.6 million or 71.4% of net sales in 2008, owing to restructuring of internal processes initiated at the end of 2008.
Operating income for the latest second quarter 2009 hiked 121.5% to EUR 1.1 million compared with an operating loss of EUR 5.1 million in the same period of 2008.
Pasquale Natuzzi, chairman and CEO commented, "We are very pleased to have met a break even in term of 3 months Operating Income, despite the net sales decrease due to the adverse economic environment. The hard work of restructuring and rationalization process has brought its first positive result."
On a year-to-date basis, the net loss narrowed to EUR 14.3 million or 0.26 cents from EUR 26.5 million or 0.48 cents in the comparable period last year. Net sales were down 28.3% year-over-year to EUR 244.9 million from EUR 341.6 million.
NTZ is currently trading at $2.33, on the NYSE.
 | | To receive FREE breaking news email alerts for Natuzzi SpA and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: contact editorial@rttnews.com