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By Sabela Ojea
Shares of Natuzzi on Friday climbed 12%, to $7.93, in after-hours trading after the company said it would implement measures to reduce costs and improve working capital in the midst of a challenging backdrop.
The furniture maker said that it is looking to increasing cash conversion by optimizing its supply chain and tackling selling, general and administrative expenses.
The company continues to expect the furnishing sector and overall economy to remain challenging throughout the rest of 2023 and the beginning of 2024, with a potential negative effect on its business, Natuzzi said.
“We should not, as the saying goes, ‘waste a crisis’ and we should use this phase of adverse market conditions to reduce costs and streamline our operations,” Chief Executive Antonio Achille said.
Write to Sabela Ojea at [email protected]
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