Natuzzi S.p.A Q4 2023 Consolidated Revenue Amounted To €84.1 Million Vs €116.5 Million YoY

Benzinga·04/05/2024 20:47:10

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4Q 2023 INVOICED SALES AMOUNTED TO €84.1 MILLION, REFLECTING A DECREASE OF 27.8% COMPARED TO A STRONG 4Q 2022, WHICH BENEFITTED FROM A €16.9 MILLION REDUCTION IN BACKLOG. NET OF THE BACKLOG EFFECT, THE DECREASE WOULD HAVE BEEN OF 15.5%.
DESPITE THE CHALLENGING MARKET CONDITIONS, WE CONTINUED INVESTING TO STRENGTHEN OUR BRANDED BUSINESS AND TO ACCELERATE THE RESTRUCTURING OF OUR OPERATIONS.
IN 4Q 2023, BRANDED SALES REPRESENTED 92.2% OF TOTAL SALES, CONFIRMING THE TRANSITION TO A LIFESTYLE BRAND, WHICH IS THE RESULT OF MORE THAN A DECADE OF INVESTMENTS. SALES FROM RETAIL WERE 61.7% OF THE TOTAL. THESE PERCENTAGES WERE RESPECTIVELY 85.3% AND 52.2% AT THE BEGINNING OF 2021.
IN 4Q 2023 WE COMPLETED THE ORGANIZATIONAL AND IT INTERVENTIONS TO ENSURE A MODERN MANAGEMENT OF OUR RETAIL AND COMMERCIAL OPERATIONS, WHICH SPREAD ACROSS 678 STORES AND 100 COUNTRIES.
IN 4Q 2023 WE ACCELERATED THE RESTRUCTURING, BOTH WITHIN FACTORIES AND HQ, AS A PART OF OUR LONG-TERM TRANSFORMATION PROCESS TO INCREASE COMPETITIVENESS AND ENHANCE MARGIN GENERATION. IN PARTICULAR, IN 4Q 2023, WE SUSTAINED €5.9 MILLION OF ONE-OFF RESTRUCTURING COSTS.
4Q 2023 GROSS MARGIN, NET OF ONE-OFF RESTRUCTURING COSTS, IS OF 36.2%, COMPARED TO 38.8% IN 4Q 2022 AND 34.6% IN 4Q 2019.
NET OF ONE-OFF RESTRUCTURING COSTS, 4Q 2023 REPORTS AN OPERATING LOSS OF (€1.4) MILLION.
NET FINANCE COSTS OF (€2.8) MILLION, COMPARED TO NET FINANCE COSTS OF (€4.8) MILLION IN 4Q 2022.