Natuzzi reports Q4 net sales EUR 74.9M, down 10.9% from last year

The company states: “Total net sales amounted to EUR 74.9 million, down 10.9% from EUR 84.1 million in 4Q 2023, also as a consequence of the planned changes implemented on the industrial front that took place during the last quarter. This included the closure of the Shanghai plant whose production for the local market has been transferred to the new facility in Quanjiao; the Shanghai plant was no longer strategic for Natuzzi (NTZ) Editions production for the US market. In 4Q 2024 we also relocated Natuzzi Editions production for the North American market to our European sites. These changes anticipated the introduction of new US import duties and are now proving coherent with the evolving trade framework. As of December 31, 2024, the order backlog increased by EUR 6.4 million compared to September 30, 2024, due to the aforementioned changes on the industrial front. In 4Q 2024, gross margin was 38.1%, compared to 30.1% in 4Q 2023 and 31.9% in 4Q 2019. Excluding (EUR 0.4) million of one-off severance costs, gross margin would have been 38.6%. This compares to 36.2% in 4Q 2023 and 34.6% in 4Q 2019.”