UK sales continue to grow at Italian furniture manufacturer

The UK retail division of Italian upholstered furniture manufacturer Natuzzi has reported another growth in sales.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 7.8% to £5.1m from £4.6m in 2021, adding to its growth of 9.9% from £4.2m in 2020.

Pre-tax profit resulted at £5,000, significantly improving from its loss of £324,000 recorded in the previous year.

Stated within its report, Natuzzi said: “Because the store in Finchley Road in London was closed at the end of February 2022, the like-for-like Net Sales achieved by the remaining three stores increased 35.6% in comparison with 2021.

“The sales performance of the three stores were the following: Croydon +35.3%, Westfield +16.3% and Tottenham Court Road +46.7% (£2.3m in 2022).

“The comparison is impacted by the pandemic Sars covid-19 in 2021 and the relevant lockdowns. Gross Product Margins increased by 1.3% year on year from 51.3% to 52.6%.

“As part of the recovery plan, in addition to the closure of all the House of Fraser concessions, Management decided to close the head-office in Finchley Road.”

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