The UK retail division of Italian upholstered furniture manufacturer Natuzzi has reported a decline in sales.
According to its latest filed accounts for the year ended 31 December 2023, total sales fell 4.1% to £4.9m from £5.1m in 2022.
Pre-tax losses resulted at £169,000, down from its profit of £5,000 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 4.0% in comparison with 2022.
“The sales performance of the three stores were the following: Croydon +-2.7%, Westfield +13.2% and Tottenham Court Road +4.4% (£2.3m in 2023).
“Gross Product Margins decreased by 2.0% year on year from 52.6% to 50.6%. Selling & Administrative costs increased by £676K (+43.7%) versus 2022, in particular due to labour, advertising and temporary store.
“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.”
