The UK retail division of Italian upholstered furniture manufacturer Natuzzi has reported a growth in sales.
According to its latest filed accounts for the year ended 31 December 2021, total sales rose 9.9% to £4.6m from £4.2m in 2020. Pre-tax losses resulted at £324,000, significantly down from its profit of £5.7m recorded in the previous year.
Stated within its report, the company said gross product margins increased compared to the prior year from 44.2% to 51.3%, while costs increased 8.2% in relation to advertising, wages and storage.
As for the performance of its four stores, like-for-like sales decreased 4% at Croydon, while increasing 31.9% at Westfield, 8.8% at Tottenham Court Road and 10.2% at Finchley.
Natuzzi also confirmed the closure of its Finchley Road store, which shut during February 2022 due to a negative trend in the last five years in terms of turnover.
“This trend was due to poor traffic in the store. The store achieved in 2021 a turnover equal to £906,000 and a negative EBIT of £242,000,” the company said.