Natuzzi S.p.A Announces the 2010 Goals
February 11 2010 - 7:00AM
Business Wire
The Board of directors of Natuzzi S.p.A. (NYSE:NTZ) (“Natuzzi”
or “the Company”), a world leading furniture Company, today
announced that it has approved the Company’s 2010 strategic and
financial plan.
The Company’s 2010 goals are as follows:
- Total Net Sales of approximately
€ 600 million
- Return to a positive EBIT
margin
Natuzzi’s Board of Directors has approved the 2010 Budget, which
reflects the current financial and economic uncertainty, but also
incorporates the improvement in total net sales and order flow
during the last few months. This new 2010 budget will substitute
the previous 3-Year Business Plan which was approved at the end of
2008.
The target 2010 forecast of Total Net Sales of approximately €
600 million, (a 17% increase as compared to 2009) and a return to a
positive EBIT margin, is expected to be achieved through the
Company’s Brands:
Natuzzi, an aspirational brand characterized by Italian
design, quality and lifestyle sold through retail channel
company-owned and franchises (B2C); Italsofa, a young-living
brand characterized by modern and innovative style also sold
through retail channel company-owned and franchises (B2C); and
Editions, a new trademark, successfully presented at the
January 2010 International Cologne fair, with a complete collection
targeted to all consumers and classes of trade, sold through the
wholesale channel (B2B). The Editions project has been created to
regain market share, through the development of products with
innovative design created by the Natuzzi Style Centre, and to serve
the needs of the Wholesale market, that has always represented a
fundamental part of the Natuzzi Business.
The 2010 forecasted Total Net Sales growth will be executed with
strict control over operating costs, and therefore involves the
continuation of the efficiency processes and containment costs that
the Company instituted during the last year.
The Natuzzi Group, moreover, is working with the local and
national institutions in order to safeguard both the local
employment and the Company’s competitiveness.
Pasquale Natuzzi; Chairman, CEO of the Natuzzi Group commented:
“The ambitious 2010 goals are taking into consideration the
persistent challenging economic environment, but also the internal
Group improvement that began recently. Considering the uncertainty
in the market, we have planned to periodically evaluate and fine
tune our long term objectives in order to incorporate any potential
changes in the environment.” – Pasquale Natuzzi continued -
“Lastly, I want to emphasize the strength of the Editions project,
that will be one of the engines of our future growth, that will
leverage our experienced, creative team as well as our production
and commercial Group structures.”
About Natuzzi
Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
manufactures a broad collection of residential upholstered
furniture. With 2008 consolidated revenues of EUR 666,0 million on,
Natuzzi is Italy's largest furniture manufacturer. The Natuzzi
group exports its innovative high-quality sofas and armchairs to
123 markets on five continents under two brands, Natuzzi and
Italsofa.
Cutting-edge design, superior Italian craftsmanship, and
advanced, vertically integrated manufacturing operations underpin
the Company's market leadership.
Natuzzi S.p.A. has been listed on the New York Stock Exchange
since May 1993. The Company is ISO 9001 and 14001 certified.
Forward looking
statement
Statements in this press release other than statements of
historical fact are “forward-looking statements”. Forward–looking
statements are based on management’s current expectations and
beliefs and therefore you should not place undue reliance on them.
These statements are subject to a number of risks and
uncertainties, including risks that may not be subject to the
Group’s control, that could cause actual results to differ
materially from those contained in any forward-looking statement.
These risks include, but are not limited to, fluctuations in
exchange rates, economic and weather factors affecting consumer
spending, competitive and regulatory environment, as well as other
political, economical and technological factors, and other risks
identified from time to time in the Group’s filings with the
Securities and Exchange Commission, particularly in the Group’s
annual report on Form 20-F. Forward looking statements speak as of
the date they were made, and the Group undertakes no obligation to
update publicly any of them in light of new information or future
events.
Natuzzi S P A (NYSE:NTZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Natuzzi S P A (NYSE:NTZ)
Historical Stock Chart
From Jul 2023 to Jul 2024