It’s a “-“ sign and a small “+” sign for Natuzzi’s quarter, from April to June 2023. In a press release to comment financial data, the upholstery multinational based in Puglia shows how complex the economic context is.
Natuzzi’s last quarter
Gruppo Natuzzi generated a revenue of 83.5 million euro in the second quarter of 2023, down 28.5% from the same period of 2022 and -9.4% if compared to the April-June period of 2019 (which is the reference pre-pandemic year). EBITDA improved to 36.4% from 31.4% of the same quarter of 2022 and much better than the 27.9% of Q2 20219. Profits went down 30.4% during the same quarter, compared to Q2 2022.
All that doesn’t work
What isn’t working? Simple: there is a problem in every corner of the world. Gruppo Natuzzi highlights how wholesale distributors in North America are mainly focused on reducing stock rather than make new order. The furniture industry in China has been struggling for a while, in part due to the increased caution of consumers. In Europe the impacts of inflation and the geopolitical context continue to negatively influence buyers.
What to do?
“As far as our industrial activities are concerned, we are continuing to restructure our Italian sites, in line with our long-term strategy. Since 2021 we have reduced the number of employees in Italy by 153, 103 of which manufacturing individuals. This reduction – said Natuzzi’s CEO Antonio Achille -, reflects a coordinated and socially responsible effort. The goal is to improve efficiency and align our production capacity with our medium-term retail strategy. We must keep in mind our international operations as well, as we have cut, in the same period, 557 employees, 528 of which from manufacturing.
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