Natuzzi S.p.A. Reports 1% Sales Increase for 2Q 2024

TL;DR

Natuzzi sales up 1% to €84.4M in 2Q24. Filing out now.

AI Summary

Natuzzi S.p.A. reported its second quarter 2024 results, with invoiced sales reaching €84.4 million, a 1% increase compared to the same period last year. The company is filing this report on Form 6-K on October 22, 2024.

Why It Matters

This filing provides investors with updated financial performance figures for Natuzzi S.p.A., indicating modest sales growth in the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine financial results filing with no significant new risks or events disclosed.

Key Numbers

• €84.4 million — 2Q 2024 Invoiced Sales (Represents a 1% increase year-over-year.)

Key Players & Entities

• Natuzzi S.p.A. (company) — Registrant
• €84.4 million (dollar_amount) — 2Q 2024 invoiced sales

FAQ

Key Financial Figures

• $12.1 MILLION — DING IN HIGH POINT, NORTH CAROLINA, FOR $12.1 MILLION. TRANSACTION TERMS FURTHER DETAILED BEL
• $12.1 million — rolina, to its majority shareholder for $12.1 million. Since announcing its decision to dispo

Filing Documents

• ntz_2q2024_results.htm (6-K) — 419KB
• img244089825_0.jpg (GRAPHIC) — 5KB
• img244089825_1.jpg (GRAPHIC) — 5KB
• 0000950170-24-116307.txt ( ) — 434KB

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 OCTOBER 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 SECOND QUARTER 2024 HIGHLIGHTS ▪ 2Q 2024 OVERALL INVOICED SALES AMOUNTED TO €84.4 MILLION, UP 1% FROM €83.5 MILLION IN 2Q 2023. ▪ 2Q 2024 BRANDED SALES WERE €76.4 MILLION, UP 2.5% COMPARED TO 2Q 2023 AND UP 7.3% COMPARED TO 2Q 2019. WE COMPLETED OUR TRANSITION TO A BRANDED RETAIL GROUP: 2Q 2024 BRANDED SALES ARE 93.2% OF TOTAL SALES, FROM 91.9% IN 2Q 2023 AND 80.6% IN 2Q 2019. ▪ 2Q 2024 DOS SALES WERE €20.0 MILLION, UP 6.2% FROM 2Q 2023. IN THE US, DOS SALES GREW 32.8% FROM 2Q 2023 AND 12.9% FROM STRONG 2Q 2022, CONFIRMING OUR COMMITMENT TO US RETAIL GROWTH, CHIEFLY FOR NATUZZI ITALIA. ▪ 2Q 2024 GROSS MARGIN WAS 38.1%, COMPARED TO 36.4% IN 2Q 2023, 31.4% IN 2Q 2022, AND 27.9% IN THE PRE-COVID 2Q 2019. 2Q 2024 GROSS MARGIN IS THE HIGHEST SINCE 2010 WHEN THE COMPANY BENEFITED FROM A HIGHER OPERATING LEVERAGE. EXCLUDING A €1.0 MILLION ACCRUAL FOR WORKFORCE REDUCTIONS, 2Q 2024 GROSS MARGIN WOULD HAVE BEEN 39.3%. ▪ 2Q 2024 OPERATING LOSS OF (€0.4) MILLION, COMPARED TO BREAK-EVEN IN 2Q 2023 AND A LOSS OF (€7.8) MILLION IN THE PRE-COVID 2Q 2019. IF WE EXCLUDE €1.2 MILLION OF SEVERANCE-RELATED COSTS, 2Q 2024 WOULD REPORT €0.8 MILLION OF OPERATING PROFIT. ▪ 2Q 2024 NET FINANCE COSTS OF (€2.0) MILLION, COMPARED TO NET FINANCE COSTS OF (€0.8) MILLION IN 2Q 2023, AS A CONSEQUENCE OF HIGH INTEREST RATES. ▪ DURING 2Q 2024, WE INVESTED €2.1 MILLION IN CAPEX, PRIMARILY FOR THE DOS LOCATED IN THE US AND TO UPGRADE OUR ITALIAN FACTORIES. ▪ WE CONTINUE EXECUTING OUR STAFF RESTRUCTURING PROGRAM TO INCREASE COMPETITIVENESS. DURING 2Q 2024, 168 PERSONS EXITED OUR GROUP. THESE EXITS ARE PARTIALLY OFFSET BY HIRES IN STRATEGIC AREAS SUCH AS RETAIL, MARKETING AND MERCHANDISING. SINCE 2021, 860 PERSONS EXITED OUR GROUP, LEADING TO ~20% HEADCOUNT REDUCTION. AS A RESULT, REVENUE PER EMPLOYEE INCREASED BY 30%, EVEN IN A CONTEXT OF DECLINING REVENUES. ▪ AS OF JUNE 30, 2024, WE HELD €28.2 MILLION IN CASH, FROM €33.6 MILLION AS OF DECEMBER 31, 2023. ▪ AS PART OF OUR STRATEGIC PROCESS TO DIVEST NON-CORE ASSETS IN SUPPORT OF OUR LONG-TERM GOALS, NAMELY RETAIL EXPANSION AND RESTRUCTURING, WE APPROVED THE SALE OF A BUILDING IN HIGH POINT, NORTH CAROLINA, FOR $12.1 MILLION. TRANSACTION TERMS FURTHER DETAILED BELOW. 2024 Second Quarter and First Half Results 1 *** Santeramo in Colle (BA), October 22, 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 second quarter and first half ended June 30, 2024. Pasquale Natuzzi, Chairman of the Group, commented: “ The market we operate in remains challenging, as confirmed by industry data on our sector and more broadly on the consumer industry globally. Our leadership team and the whole organization are working very diligently to protect our marginality and reduce the impact of these challenging market conditions on our business. We remain focused and committed to pursuing our strategic direction, with a strong emphasis on further strengthening our brand, merchandising, marketing retail capabilities and operations. The journey from being a manufacturer to becoming a globally recognized and respected brand, which I began around 20 years ago, is well underway. I am proud of how far we have come and excited about the results that lie ahead. I am confident that we will overcome this challenging market phase and achieve the success that our clients, partners, employees, and shareholders deserve. ” Antonio Achille, CEO of the Group, commented: “ The second quarter closed above 2023, in a context where not only our sector but also most of the durable and consumer goods sectors are facing prolonged an

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View this 6-K filing on SEC EDGAR