Securities and Exchange Commission
Washington, D.C. 20549


Form 6-K


Report of Foreign Issuer
Pursuant To Rule 13a-16 Or 15d-16
Of The
Securities Exchange Act of 1934

For the month of November 2015

  Commission File Number 1-11854

NATUZZI S.p.A.

(Translation of registrant's name into English)


Via Iazzitiello 47
70029 Santeramo, Italy
(Address of principal office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ⊠ Form 40-F ⃞

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  Yes ⃞   No ⊠

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Natuzzi: Positive Group Performance Continues

THIRD QUARTER 2015

SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--November 27, 2015--The Board of Directors of Natuzzi S.p.A. (NYSE:NTZ) discussed Q3 2015 and 9M 2015 consolidated results (unaudited).

Following the Board meeting, the Chairman and CEO Pasquale Natuzzi stated:

“The positive results posted for the preceding six quarters have once again been replicated in the third quarter of 2015.

The improved sales mix and quality - together with favorable currency movements – led to a 3.1% revenue increase (+10.6% for the first nine months) and a significant margin boost.

In Q3 2015, the Natuzzi brand represented 70.5% of upholstery sales, with the remaining 29,5% from Private Labels. The regional breakdown highlights the strong performances of the Americas (+10.5%) and Asia Pacific (+9.0%) - in particular China and South Korea.
In the EMEA region, it is worth to highlight a double digit growth in UK that become the second largest market for Natuzzi after the United States.

Under the retail strategy, since the beginning of the year 90 new Galleries have been opened and 15 new sales points – among which Hong Kong, Beijing, Rio de Janeiro and Naples (USA).

Together with the improved performance of the 56 DOS currently operational worldwide, the Group completed the chain restructuring with the closure of 9 unprofitable sales points in Italy, Spain and China.

Significant Private Label sales growth was reported in the EMEA region (+56.4%).

The cost of sales as a percentage of net sales reduced 4.8% (-3.7% in the nine months) thanks to the efficiency measures introduced at the Chinese plant and greater productivity at the Italian plant, the stabilization of the workforce and the discontinuation of worker rotation from May 2015 as per the Trade Union Agreement of March 3, 2015.

These factors contributed to the posting of an EBITDA of Euro 1.5 million for the quarter compared to an EBITDA loss of Euro 3.7 million in Q3 2014. (loss of Euro 0.8 million in 9M 2015).

The continuous improvement of the key indicators over the last six quarters is highlighted below:

    1Q 2014   2Q 2014   3Q 2014   4Q 2014   1Q 2015   2Q 2015   3Q2015
Total Net Sales*   -11.2%   -1.2%   +8.2%   +12.6%   +24.6%   +5,7%   +3.1%
COGS**   -71.5%   -74.2%   -72.1%   -71.2%   -70.6%   -69.0%   -67.3%
Other SG&A**   -21.8%   -20.9%   -18.2%   -17.7%   -17.3%   -18%   -17.3%
EBITDA**   -6.0%   -7.1%   -3.3%   -3.7%   -1.2%   -0.8%  

+1.3%

* change in quarterly sales on corresponding quarters of the previous years

** percentage of net sales

Further product innovations stemming from the adoption of the new Moving Line manufacturing process: in the third quarter of 2015, the Matera facility - which is implementing on an industrial scale the innovations tested at the Experimental Laboratory - saw a significant lowering of industrial costs in comparison to the general average for the Italian facilities.

About Natuzzi S.p.A.

Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs, manufactures and sells a broad collection of couches, armchairs, home furniture and home accessories. With consolidated revenues of €461.4 million in 2014, Natuzzi is Italy’s largest furniture house and the player with the greatest global reach in its sector, with eight manufacturing plants, twelve commercial offices and more than 1,100 points of sale worldwide. Ethics and social responsibility, innovation, industrial know-how and integrated management of its value chain represent the points of strength that have made the Natuzzi Group a market leader and established Natuzzi as the most recognized furniture brand in the world among consumers of luxury goods. Natuzzi S.p.A. has been listed on the New York Stock Exchange since May 1993. The Company is ISO 9001 and 14001 certified.

Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the third quarter 2015 & 2014 on the basis of Italian GAAP
(expressed in millions Euro)
 
  Three months ended on   Change   Percentage of Sales
    30-Sep-15   30-Sep-14   %   30-Sep-15   30-Sep-14
   
Upholstery net sales 104,4 100,1 4,4% 90,7% 89,6%
Other sales   10,7   11,6   -7,9%   9,3%   10,4%
Total Net Sales   115,1   111,7   3,1%   100,0%   100,0%
 
Consumption (*) (53,5) (52,6) 1,7% -46,5% -47,1%
Labor (16,7) (20,4) -18,0% -14,5% -18,3%
Industrial Costs (7,3) (7,5) -3,0% -6,3% -6,7%
of which: Depreciation, Amortization   (2,5)   (2,9)   -16,1%   -2,1%   -2,6%
Cost of Sales   (77,5)   (80,6)   -3,8%   -67,3%   -72,1%
                     
Industrial Margin   37,6   31,1   20,8%   32,7%   27,9%
 
Selling Expenses (19,6) (18,6) 5,5% -17,0% -16,7%
Transportation (12,5) (12,5) 0,5% -10,9% -11,2%
Commissions (2,2) (2,2) -0,9% -1,9% -2,0%
Advertising (4,9) (3,9) 25,5% -4,3% -3,5%
 
Other Selling and G&A (19,9) (20,4) -2,4% -17,3% -18,2%
of which: Depreciation, Amortization   (1,0)   (1,2)   -22,4%   -0,8%   -1,1%
EBITDA   1,5   (3,7)       1,3%   -3,3%
                     
EBIT   (1,9)   (7,8)       -1,7%   -7,0%
 
Interest Income/(Costs), Net (1,2) (0,5)
Foreign Exchange, Net (1,0) (1,5)
Other Income/(Cost), Net   (0,2)   0,9            
Earning before Income Taxes   (4,3)   (9,0)       -3,7%   -8,1%
 
Current taxes (0,8) (0,4) -0,7% -0,4%
                     
Net Result   (5,1)   (9,4)       -4,4%   -8,4%
 
Minority interest 0,0 (0,0)
                     
Net Group Result   (5,1)   (9,4)       -4,4%   -8,4%
 
(*) Purchases plus beginning stock minus final stock and leather processing
                   
UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
NET SALES (in €, million) NET SALES (in seats sold)
 
 
AREA   3Q 2015   %   3Q 2014   % delta 3Q 2015   %   3Q 2014   %   delta
Americas   45,2   43,3%   43,4   43,4% 4,1% 182.177   48,5%   207.517   52,4%   -12,2%
Natuzzi 28,8 27,6% 26,0 26,0% 10,5% 96.546,1 25,7% 100.201,6 25,3% -3,6%
 
Private label   16,4   15,7%   17,4   17,3% -5,5% 85.631,0   22,8%   107.315,5   27,1%   -20,2%
 
EMEA   41,8   40,1%   42,1   42,1% -0,6% 147.397   39,2%   143.703   36,3%   2,6%
Natuzzi 29,3 28,1% 34,1 34,1% -13,9% 80.532,1 21,4% 96.495,4 24,3% -16,5%
Private label   12,5   12,0%   8,0   8,0% 56,4% 66.864,6   17,8%   47.207,5   11,9%   41,6%
 
Asia-Pacific   17,4   16,7%   14,6   14,6% 19,4% 46.033   12,3%   45.161   11,4%   1,9%
Natuzzi 15,5 14,8% 14,2 14,2% 9,0% 35.215,0 9,4% 42.626,8 10,8% -17,4%
Private label   1,9   1,8%   0,4   0,4% 422,1% 10.818,0   2,9%   2.534,0   0,6%   326,9%
                                     
TOTAL   104,4   100,0%   100,1   100,0% 4,4% 375.607   100,0%   396.381   100,0%   -5,2%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
 
 
BRAND   3Q 2015   %   3Q 2014   % delta 3Q 2015   %   3Q 2014   %   delta
Natuzzi 73,6 70,5% 74,3 74,3% -1,0% 212.293 56,5% 239.324 60,4% -11,3%
Private label   30,8   29,5%   25,7   25,7% 19,8% 163.314   43,5%   157.057   39,6%   4,0%
TOTAL   104,4   100,0%   100,1   100,0% 4,4% 375.607   100,0%   396.381   100,0%   -5,2%
 
The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Profit & Loss for the nine months of 2015 & 2014 on the basis of Italian GAAP
(expressed in millions Euro)
 
  Nine months ended on   Change   Percentage of Sales
    30-Sep-15   30-Sep-14   %  

30-Sep-15

  30-Sep-14
   
Upholstery net sales 320,6 288,3 11,2% 89,9% 89,3%
Other sales   36,2   34,5   5,0%   10,1%   10,7%
Total Net Sales   356,8   322,8   10,6%   100,0%   100,0%
 
Consumption (*) (166,9) (149,2) 11,9% -46,8% -46,2%
Labor (56,7) (64,4) -12,0% -15,9% -20,0%
Industrial Costs (22,8) (20,9) 8,7% -6,4% -6,5%
of which: Depreciation, Amortization   (7,5)   (7,4)   0,9%   -2,1%   -2,3%
Cost of Sales   (246,3)   (234,5)   5,0%   -69,0%   -72,7%
                     
Industrial Margin   110,5   88,3   25,2%   31,0%   27,3%
 
Selling Expenses (59,2) (51,1) 15,8% -16,6% -15,8%
Transportation (39,1) (33,7) 16,1% -11,0% -10,4%
Commissions (7,2) (6,7) 8,7% -2,0% -2,1%
Advertising (12,8) (10,8) 19,2% -3,6% -3,3%
 
Other Selling and G&A (62,6) (65,4) -4,2% -17,5% -20,3%
of which: Depreciation, Amortization   (2,9)   (3,2)   -9,1%   -0,8%   -1,0%
EBITDA   (0,8)   (17,6)       -0,2%   -5,5%
                     
EBIT   (11,3)   (28,3)       -3,2%   -8,8%
 
Interest Income/(Costs), Net (2,3) (1,0)
Foreign Exchange, Net (3,0) (0,4)
Other Income/(Cost), Net   (0,7)   (3,0)            
Earning before Income Taxes   (17,2)   (32,7)       -4,8%   -10,1%
Current taxes (1,1) (1,2) -0,3% -0,4%
                     
Net result   (18,3)   (33,9)       -5,1%   -10,5%
 
Minority interest   (0,0)   (0,0)            
Net Group Result   (18,3)   (33,9)       -5,1%   -10,5%
 
(*) Purchases plus beginning stock minus final stock and leather processing
  UPHOLSTERY NET SALES BREAKDOWN
GEOGRAPHIC BREAKDOWN
NET SALES (in €, million)   NET SALES (in seats sold)
Nine months ended on Nine months ended on
               
AREA   30-Sep-15   %   30-Sep-14   %   delta 30-Sep-15   %   30-Sep-14   %   delta
Americas   133,5   41,70%   116,4   40,40%   14,70% 529.440   46,70%   576.076   48,90%   -8,10%
Natuzzi 80,6 25,10% 69,1 24,00% 16,50% 262.240 23,10% 273.703 23,30% -4,20%
Private label   53   16,50%   47,3   16,40%   12,10% 267.201   23,50%   302.373   25,70%   -11,60%
 
EMEA   141,8   44,20%   134,6   46,70%   5,30% 491.709   43,30%   474.302   40,30%   3,70%
Natuzzi 101,9 31,80% 108 37,50% -5,60% 276.231 24,30% 308.387 26,20% -10,40%
Private label   39,9   12,40%   26,7   9,20%   49,70% 215.479   19,00%   165.915   14,10%   29,90%
 
Asia-Pacific   45,2   14,10%   37,2   12,90%   21,60% 113.467   10,00%   126.691   10,80%   -10,40%
Natuzzi 41,6 13,00% 35,5 12,30% 17,10% 93.894 8,30% 114.420 9,70% -17,90%
Private label   3,6   1,10%   1,7   0,60%   117,60% 19.573   1,70%   12.271   1,00%   59,50%
                                       
TOTAL   320,6   100,00%   288,3   100,00%   11,20% 1.134.617   100,00%   1.177.069   100,00%   -3,60%
 
 
BREAKDOWN BY BRAND
NET SALES (in €, million) NET SALES (in seats sold)
Nine months ended on Nine months ended on
 
BRAND   30-Sep-15   %   30-Sep-14   %   delta 30-Sep-15   %   30-Sep-14   %   Delta
Natuzzi 224,1 69,90% 212,7 73,80% 5,40% 632.364 55,70% 696.510 59,20% -9,20%
Private label   96,5   30,10%   75,6   26,20%   27,70% 502.252   44,30%   480.559   40,80%   4,50%
TOTAL   320,6   100,00%   288,3   100,00%   11,20% 1.134.617   100,00%   1.177.069   100,00%   -3,60%
 
The "Natuzzi" brand includes the Group's three lines of product: Natuzzi Italia, Natuzzi Editions and Natuzi Re-Vive
Natuzzi S.p.A. and Subsidiaries
Unaudited Consolidated Balance Sheets at September 30, 2015 on the basis of Italian GAAP (Expressed in millions of Euro)
ASSETS   30-Sep-15   31-Dec-14
Current assets:    
Cash and cash equivalents 40,6 32,8
Marketable debt securities 0,0 0,0
Trade receivables, net 61,9 96,0
Other receivables 23,0 18,1
Inventories 88,6 90,2
Unrealized foreign exchange gains 0,7 0,3
Prepaid expenses and accrued income 1,3 1,3
Deferred income taxes   0,5   0,5
Total current assets   216,7   239,3
Non-current assets:
Net property, plant and equipment 122,5 130,8
Other assets   8,1   10,0
Total non-current assets   130,6   140,8
TOTAL ASSETS   347,3   380,1
LIABILITIES AND SHAREHOLDERS' EQUITY        
Current liabilities:
Short-term borrowings 16,7 20,7
Current portion of long-term debt 2,2 3,1
Accounts payable-trade 58,3 75,2
Accounts payable-other 26,8 29,7
Accounts payable-shareholders for dividends 0,0 0,0
Unrealized foreign exchange losses 0,1 0,6
Income taxes 0,9 1,1
Deferred income taxes 1,9 1,0
Salaries, wages and related liabilities   16,6   18,3
Total current liabilities   123,5   149,7
Long-term liabilities:
Employees' leaving entitlement 20,9 20,9
Long-term debt 13,3 6,2
Deferred income taxes - long term 0,0 0,0
Deferred income for capital grants 7,7 8,1
Other liabilities   19,5   21,2
Total long-term liabilities   61,4   56,3
Minority interest   3,2   3,0
Shareholders' equity:
Share capital 54,9 54,9
Reserves 4,3 40,9
Additional paid-in capital 0,0 8,4
Retained earnings   100,1   66,8
Total shareholders' equity   159,3   171,0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   347,3   380,1
Natuzzi S.p.A. and Subsidiaries  
Consolidated Statements of Cash Flows  
    30-Sep-15   30-Sep-14
Cash flows from operating activities:
Net earnings (loss) -18.333 -33.942
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 10.425 10.655
(Gain) loss on disposal of assets 15 84
Unrealized foreign exchange losses (gains) -880 882
Deferred income for capital grants   -422   -346
Non monetary operating items   9.106   14.979
Change in assets and liabilities:
Receivables, net 34.080 -12.780
Inventories 1.580 -15.420
Prepaid expenses and accrued income -4 553
Other assets -3.959 19.094
Accounts payable -17.317 -6.255
Income taxes -197 -6.165
Salaries, wages and related liabilities -91 7.240
Other liabilities   867   2.990
Net working capital   14.960   -10.744
Net cash generated/(used) by operating activities   5.732   -29.707
Cash flows from investing/restructuring activities:
Property, plant and equipment:
Additions -1.798 -6.843
Disposals 3.392 6.866
One time termination benefits   -2.890   -2.563
Net cash generated/(used) by in investing activities   -1.296   -2.834
Cash flows from financing activities:
Long-term debt:
Proceeds 9.003 5.000
Repayments -2.853 -2.620
Short-term borrowings -4.015 -1.712
Dividends paid to minority interests        
Net cash generated/(used) by financing activities   2.135   668
Effect of translation adjustments on cash   1.197   4.252
Increase (decrease) in cash and cash equivalents   7.769   -27.620
Cash and cash equivalents, beginning of the year   32.852   61.037
Cash and cash equivalents, end of the period   40.622   33.418

CONTACT:
NATUZZI INVESTOR RELATIONS
Francesca Cocco; tel. +39.080.8820.676
fcocco@natuzzi.com
or
NATUZZI CORPORATE COMMUNICATION
Vito Basile (Press Office); tel. +39.080.8820.676
vbasile@natuzzi.com


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NATUZZI S.p.A.

 
(Registrant)

 

 

 

Date:

November 27, 2015

By:

/s/ Pasquale Natuzzi

Pasquale Natuzzi