Natuzzi S.p.A. reported its unaudited financial information for the first nine months and third quarter ended September 30, 2024, on December 12, 2024. Consolidated revenue for the first nine months of 2024 amounted to €243.9 million, a slight decrease from €244.5 million in the same period of 2023. This performance was impacted by ongoing macroeconomic, geopolitical, and industry-specific challenges affecting consumer spending on durable goods.
Branded invoiced sales for the first nine months of 2024 reached €221.2 million, showing a modest increase of 0.3% compared to €220.6 million in the prior year period. Branded sales constituted 93.0% of total sales, up from 92.6% in 2023, indicating progress in the company's brand-driven strategy. Direct-operated store (DOS) sales increased by 6.3% to €57.4 million, with U.S.-based DOS sales growing by 22.3%, supported by the opening of a new Denver store in September 2024.
The gross margin for the first nine months of 2024 remained flat at 35.8% compared to 2023, though it would have been 37.4% excluding €4.1 million in one-off severance costs. Third-quarter 2024 gross margin was 31.8%, down from 35.4% in Q3 2023, partially due to weak business trends impacting deliveries in August and September. The company also noted increased labor costs, including €4.1 million in severance expenses primarily in China, Romania, and Italy, as part of workforce optimization efforts.
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