Natuzzi S.p.A. Reports Q3 & Nine-Month 2024 Results

TL;DR

Natuzzi dropped its Q3 and 9-month 2024 results. Check the 6-K for details.

AI Summary

Natuzzi S.p.A. filed its 6-K report on December 13, 2024, detailing its financial results for the first nine months and the third quarter of 2024. The report includes a shareholder letter and the corresponding financial statements.

Why It Matters

This filing provides investors with the latest financial performance data for Natuzzi S.p.A., crucial for assessing the company's current health and future prospects in the household furniture market.

Risk Assessment

Risk Level: low — This is a routine financial disclosure filing (6-K) and does not contain new material events or significant financial changes.

Key Players & Entities

• NATUZZI S.P.A. (company) — Filer of the report
• 2024 (date) — Reporting period for financial results
• December 2024 (date) — Month for which the report is furnished
• 1-11854 (dollar_amount) — Commission File Number

FAQ

Key Financial Figures

• $3.8 million — ic assets we announced: - we received $3.8 million in October 2024 as a first installment

Filing Documents

• ntz_3q2024_results.htm (6-K) — 481KB
• img6966656_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-135943.txt ( ) — 489KB

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 DECEMBER 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 SHAREHOLDER LETTER AND FINANCIAL RESULTS 2024 – First Nine Months and Third Quarter Results First nine months of 2024: highlights ▪ Total net sales were €243.9 million, in line with the same period in 2023 (-0.3%). ▪ Branded sales were €221.2 million, up 0.3% from 2023 same period and up 3.1% from 2019 same period. branded sales were 93.0% of total sales, compared to 92.6% in the same period of 2023 and 78.5% in the same period of 2019. ▪ DOS sales were €57.4 million, up 6.3% from 2023 and up 20.8% from 2019 same periods. 2024 growth was driven by a 22.3% sales increase from DOS in the U.S, where we opened 1 additional store in Denver. During the first 9 months of 2024, we closed two non-performing Natuzzi Italia stores, one in Spain and one in Switzerland, as part of our ongoing effort to progressively improve the quality of our retail. ▪ As part of our transformation, during the first 9 months of 2024, we accelerated our restructuring which affected P&L results with (€4.8) million of one-off severance costs: - (€4.1) million accrued in Cost of Sales; - (€0.7) million accrued in Selling and Administrative expenses. ▪ During the first 9 months of the year, 538 persons exited our group. These exits were partially offset by hires in strategic areas such as retail, marketing and merchandising. From 2021 to September 2024, we had a net reduction of 1110 Persons, equivalent to a ~26% of total. ▪ In the first nine months of 2024, gross margin was 35.8%, compared to 35.8% in the first nine months of 2023 and 29.0% in the first nine months of 2019. Excluding (€4.1) million of one-off severance costs, gross margin would have been 37.4%, which compares to 36.3% in 2023 first nine months and 30.0% in 2019 first nine months. ▪ In the first nine months of 2024, we had an operating loss of (€3.6) million, compared to an operating loss of (€2.2) million in 2023 first nine months and an operating loss of (€19.5) million 2019 first nine months. excluding (€4.8) million of one-off severance costs, we would have reported an operating profit of €1.2 million, which compares to an operating loss of (€0.7) million in 2023 first nine months and to an operating loss of (€16.1) million in 2019 first nine months. 2024 First nine months and third Quarter Results 1 ▪ Net finance costs were (€7.4) million, compared to (€5.6) million in 2023 and (€7.7) million in 2019 same period, mainly as a consequence of higher interest expenses on lease contracts and third-party financing, as well as unfavorable currency movements on trade payables and receivables. ▪ During the first 9 months of 2024, we invested €5.4 million, primarily to upgrade our Italian factories and for the DOS located in the U.S. and Italy. ▪ We continue the divestment program of non-strategic assets we announced: - we received $3.8 million in October 2024 as a first installment for the sale of a building located in high point, North Carolina. - we signed a preliminary agreement for the sale of a land in Romania for an expected price between €2.9 and €3.1 million. - As of September 30, 2024, we held €17.1 million in cash, from €33.6 million as of December 31, 2023. In particular, the difference in cash is determined as follows: - Net cash used in operating activities (€5.1) million. Of this, (€6.0) million to reduce workforce; - Net cash used in investing activities (€5.4) million; - Net cash used in financing activities (€7.1) million; - Effect of movements exchange rates on cash (€0.4) million; - Difference in bank-overdraft repayable on demand €1.5 million. 3Q 2024: highlights ▪ Total net sales were €75.0 million, in line with 3Q 2023 (+0.1%). ▪ Branded sales were €68.8 million, up 0.3% from 3Q 2023 and up 4.6% from

View Full Filing

View this 6-K filing on SEC EDGAR