Natuzzi S.p.A. (NYSE:NTZ) Q3 2022 Earnings Call Transcript

Antonio Achille: Hi, I feel I’ve spoken enough. I leave the floor open maybe also if Pasquale want to comment or Piero or Jason, then I will do a summary myself. But I also want to leave the floor — open for the Chairman and the rest of the team if they want to comment anything. And then I do my final remark.

Pasquale Natuzzi: You gave plenty clear explanation, Antonio, for what we are doing and what is happening. So I’m — probably what we missed regard — what we missed to explain is that in order also to reduce G&A, we are reviewing the organization, consolidating some organization like, for example, the Southwest Europe market, together with market under a single regional manager and also aggregating and synergizing the customer care and other function. So, I mean, you know, reviewing the organization aggregation certainly will allow us to improve the service, improve — I mean and reduce the cost. This is something that we are following. For the rest, you gave all the major explanation, Antonio, okay?

Antonio Achille: Thank you, Pasquale. It’s been a very appropriate comment on your side. So in closing, I want to restate how committed we are. We’re really working as one team with just one strategy. The Chairman, myself, you see Jason, our leader in North America, but also the remaining of our team, we’re very cohesive, we’re very committed on the long-term plan. We know that there are challenges ahead of us, but we are very equipped for those challenges. We have a good cash position. We ensure the company is managed adequately on that front. And as I mentioned before, we’re going to be stepping up in term of aggressiveness on cost reduction as due to this phase. And as everyone you have seen is doing also starting from the large digital company in U.S. So this is, let’s say, third quarter result.

In term of strategy long-term, nothing has changed, we’re still committed to make Natuzzi the most successful high-end European brand globally. I believe that with the current strength of the brand, the current heritage of the brand, this is something is due and is also achievable. Having said that, thank you so much for your attention. I wish you a great continuation of the day, and I hope to reconnect soon in our next press release.

Pasquale Natuzzi: Thank you.

Operator: Thank you. That does conclude today’s conference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.