Natuzzi S.p.A. Files Q1 2024 Results

TL;DR

Natuzzi dropped its Q1 2024 results, check the 6-K for the numbers.

AI Summary

Natuzzi S.p.A. filed a 6-K report on June 21, 2024, to provide its first-quarter 2024 financial results. The filing includes a shareholder letter and highlights from the quarter, though specific financial figures for the first quarter of 2024 are not detailed in the provided text snippet.

Why It Matters

This filing provides investors with an update on Natuzzi's financial performance for the first quarter of 2024, offering insights into the company's operational status.

Risk Assessment

Risk Level: low — This is a routine financial disclosure filing with no immediate market-moving events indicated in the snippet.

Key Players & Entities

• NATUZZI S.P.A. (company) — Filer of the report
• 20240621 (date) — Filing date
• 1-11854 (other) — Commission File Number

FAQ

Filing Documents

• ntz_1q2024_results.htm (6-K) — 296KB
• img212777538_0.jpg (GRAPHIC) — 5KB
• img212777538_1.jpg (GRAPHIC) — 5KB
• 0000950170-24-076311.txt ( ) — 310KB

From the Filing

6-K Securities and Exchange Commission Washington, D.C. 20549 Form 6-K Report of Foreign Issuer Pursuant To Rule 13a-16 Or 15d-16 Of The Securities Exchange Act of 1934 For the month of JUNE 2024 Commission File Number 1-11854 NATUZZI S.p.A. (Translation of registrant’s name into English) Via Iazzitiello 47 70029 Santeramo, Italy (Address of principal office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ⊠ Form 40-F □ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes □ No ⊠ If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 1 RE SHAREHOLDER LETTER AND FINANCIAL RESULTS - 2024 FIRST QUARTER RESULTS FIRST QUARTER 2024 HIGHLIGHTS ▪ 1Q 2024 OVERALL INVOICED SALES AMOUNTED TO €84.5 MILLION, SUBSTANTIALLY IN LINE WITH THE LEVEL OF ACTIVITY OF LAST YEAR. ▪ IN 1Q 2024, SALES FROM DIRECTLY OPERATED STORES WERE €20.5 MILLION, UP 13.6% FROM 1Q 2023 AND 10.0% FROM 1Q 2022, CONFIRMING OUR FOCUS ON STRENGTHENING DIRECT RETAIL. IN NORTH AMERICA, DOS SALES GREW 29.8% FROM 1Q 2023 AND 32.4% FROM 1Q 2022, HIGHLIGHTING OUR COMMITMENT TO REGIONAL RETAIL GROWTH, ESPECIALLY FOR NATUZZI ITALIA. ▪ IMPROVED 1Q 2024 GROSS MARGIN AT 36.9%, COMPARED TO 35.6% IN 1Q 2023, 34.3% IN 1Q 2022 AND 30.1% VERSUS THE PRE-COVID LEVEL OF 1Q 2019. ▪ 1Q 2024 OPERATING PROFIT OF €0.6 MILLION COMPARED TO AN OPERATING LOSS OF (€0.9) MILLION IN 1Q 2023 AND (€3.0) MILLION VERSUS THE PRE-COVID LEVEL OF 1Q 2019. ▪ NET FINANCE COSTS OF (€2.2) MILLION, COMPARED TO NET FINANCE COSTS OF (€3.4) MILLION IN 1Q 2023. FINANCE COSTS NEGATIVELY AFFECTED BY PERSISTING HIGH INTEREST RATES. ▪ IN 1Q 2024 WE CONTINUED OUR RESTRUCTURING WITH A REDUCTION OF 94 HEADCOUNT AS PART OF OUR LONG-TERM TRANSFORMATION PROCESS TO INCREASE COMPETITIVENESS AND ENHANCE MARGIN GENERATION. TOTAL HEADCOUNT REDUCED BY ~18% COMPARED TO 2021. ▪ IN 1Q 2024 WE INVESTED €1.6 MILLION IN CAPEX OF WHICH €0.4 MILLION IN DOS LOCATED IN THE US AND €1.2 MILLION MAINLY TO UPGRADE OUR ITALIAN FACTORIES. ▪ AS OF MARCH 31, 2024, WE HELD €29.7 MILLION IN CASH. ▪ THE MARKET REMAINS CHALLENGING, DELAYING THE FULL IMPACT OF OUR RETAIL EXPANSION. WE REMAIN FOCUSED ON ADAPTING OUR FIXED COST STRUCTURE AS PART OF OUR LONG-TERM TRANSFORMATION. *** 2024 First Quarter Results 1 Santeramo in Colle (BA), June 21, 2024 – Natuzzi S.p.A. (NYSE: NTZ) (“we”, “Natuzzi” or the “Company” and, together with its subsidiaries, the “Group”), one of the most renowned brands in the production and distribution of design and luxury furniture, today reported its unaudited financial information for the first quarter ended March 31, 2024. Pasquale Natuzzi, Chairman of the Group, commented: “ Our business is still confronting difficult market conditions alongside cautious customer behavior. Persistent high interest rates are postponing the housing market recovery, which remains a primary driver for new demand of furnishing. In this market context, our team is efficiently allocating resources and tightly managing discretionary expenses. Our primary objective remains leveraging our brand strength to regain growth and execute our mid-term plan. We continue investing in the quality of our collections, in coherence with the DNA of our Brand, that blends design, functions, materials and colors to create harmonious living. The recent endorsement of our CEO and Board of Directors provides the competences and stability needed to navigate these challenging times. I am confident that our combined efforts will drive us towards achieving our mid-term growth objectives and enhancing the efficiency of our operating model. Antonio Achille, CEO of the Group, commented: “ We remain steadfast in the execution of the 8 key pillars of our mid-term value creation strategy: 1) Expand margins and lower Break-Even Point : Since 1Q 2019, we improved gross margin by ~7 p.p. Last year, despite a drop of business of 29.9%, gross margin decreased only by 0.7 p.p., a proof of the improvement we achieved on our operating model. We improved gross margin despite hyperinflation of raw materials and low saturation of our plants, which resulted in a higher impact of indirect production costs. Without these non-structural negative effects, the improvement in gross margin would have been even greater. This process continued in the first quarter of 2024, achieving a gross margin of 36.9%, up from 35.6% in 1Q 2023, 34.3% in 1Q 2022. We remain foc

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View this 6-K filing on SEC EDGAR