quarter team by Welcome, some myself and you, Thank start from of and Piero. of on. operational strategic is agenda, from afternoon provide people I the focusing agenda then on joining Europe. the U.S. first highlighting morning Good the will for XXXX everyone, the more and and good joining from transparency figure people
a year, previous If by and and are U.S. look it's region year. West that emerging talk Middle a sense, still and about much where those include first the as markets markets, also sales the very when markets, Russia talk at that turbulence EUR there in geography last significant geographies we clearly the XX.X China Europe emerging we talked we sales lower when South versus quarter million. Europe invoice closed dynamics. to about we geopolitical pretty So reported closer around in is And and remaining we Clearly, above last and the line with at as with is emerging are a well year area. the split geography, we East XXXX about
XX% from sales, strong year. of same stores, EUR terms so it's period -- versus at In own believe still quarter store year of million XX as growing arrive operate to directly growing that know, the sales first important that, directly have that a sorry, highlight versus I and and been was XX% very we EUR million, XX operated you XXXX
particular, we This doesn't become because happen versus the true America, in executing quarter by our XXXX where several retailer-centric XXXX. to that's declared company. continue more And the happens as grew North first we versus for first operated the of directly chance, XX% sales but nearly times, and XX% a strategy by quarter
central strategy. our me are that let retail a U.S. Again, to and future toward development very restate
the low despite X.X around another of important above again XXXX, point Gross almost above X-point been almost percentage on margin. element is XX%, Another is that creation. improving This strategy level percentage almost gross highlight is almost of element reached and and is we to like XX%, would which value sales, I this is have XXXX. margin our
a in compare been to affected measure between and the figures. XXXX an level which us of X and sales of profit level margin more those million, to restructuring loss because operating pre-COVID that When it's the has in there measures EUR one-off XXXX. of EUR we EUR of profit, look lot operating to X.X a led at gross million and support X.X million year to the loss versus a The compared of difficult
element strategy. Another fleshing is that worth or is executing out continue we which
the almost the too first to overall quarter, the that XX quarter. company, I as profile not are total of the and know, XXXX. word say, the following investors in will left context bringing resources and some So we closer many on reduction spend is, would you happening. since the reported very This seasonal you XX%, I achieved that, what's
interest word X I real back on particular, the being Clearly, rather yet pillars. they explicit bouncing estate. engage would depending not on are with very team. what But on of working management are are a and in where terms not in I markets And working much on the because that. we are rates are we will you on we remain on spend
XXXX first of Italy high X inflation. is of don't were improved regardless been breakeven And margin our gross as We the mentioned, this margin I expanding percentage fact in saturated lowering has unprecedented point. achieved we years that XXXX. one, factories fact The XXXX, have our of of also the since the that our regardless points and and
So the range of we if improvement of the because of margin. the million revenue hundred some is have in XX points a been That in to for more basically on normalize element, would gross important lower we company would breakeven terms percentage procurement those yearly of required base. of the
healthy to end margin that yet kind continue continue trajectory margin working of going we the achieve this our And results, the very of we're we next expanding and which I when of be would and to that years. comparison. because achieving are terms story conversion the this means internal believe growth, in for growth cash in not is This be the
even is like ranked for China is market. true a of true very strong of Same among is ago, just on survey Natuzzi market in research which European for and European brand same The independent in market by and European which highlighted positioning Natuzzi a U.S., where leverage context few Xst among domestic other brands. performed commissioned traffic most already is reconfirm brand been what was our low years is We strength. pillar pretty we are brands working much the
if will each today those million, awareness in of of of not kind hundred geography. billion cost this Building
low that more is events the of traffic of In those an and directly asset a the we consumer Increasingly, basically strength approach digital -- stores in operated So leveraging our so this, doing increase also by increasingly -- we the have. traffic adding inherited part like to partner. of we situation foot that active the are brand are early in journey.
especially discussion our are a years These new need Another where established we we ability very interesting, Contract. are in U.S. We space. Middle design, confirming strength appealing from they way come to because contract with division really to brand, of are for which Trade don't and living but open global of a business and interesting the East on on, the but -- our not are and new our brand organic only of out ago, -- our the is to leveraging for engaging growing X also are way stores. years for scale some to Europe, we strength of quality furniture,
will able specific be I a report hope wins. more to I
engaging discussion premature those. in some but to it's exciting very We Middle share East, are more on
pillar, this regularly third not we're call by joining Diego Babbo is accident, The and retail. is where on focusing
that at directly which nearly business we at directly mentioned, I XX X% some term that has of XXXX retail look we it, their Natuzzi business of by retail, operated on operated been means consumers stores, percentage the As the look growing will the freestanding in been When growing has since total the business store now at regardless group way quarter. or of XXXX. was the operator points XX.X%. are by percentage weight franchising, XX%, in
consumer-centric and really very a strong become acceleration retail-focused to steady a So company.
believe We work approach. have of very approach, fully division the managing I how merchandising has that knowing And up Global Retail been been recently somehow catch doing has do been tools, retail it. to in terms training before noticeable to
more term area Italia dealer an globally pleased area And the part Design the in each the retail brand of in format, welcomed to stores. stronger market an that by U.S. investing. continue evolution last store And by our from will really concept is has the and of retail we immersive be in emerging to of Italia. development this have XXX more we in push new of is experience the is [ sustainability the Natuzzi Natuzzi future that our acceptance April, China this Milan been we which now a create where than that presented to report base Week will for retail to a I'm the ]
of Natuzzi Part Italia the only living the living matured [indiscernible] and a is space, to created a we especially but of selling space being the not is project, really product, specifically in a continue want design this concept the studio, has the home create the in place which now and to specific bedroom, being to clients rest journey, a the selling to say is room, which specific which designing means architect been total welcome being house. designer our
dynamic in quality wanted we step through our our the we U.S. and our We of remains partner have work. is up pillar really Wholesale them. of fourth revenue, to term the very important with relationship still customers in component quality have to especially geography a of of wholesale a and like with relationship our
call we format. that, As launched part we gallery reimagined of what
historically according those consumer been our where Natuzzi which and our environment we -- experience is a the of to call know, kind retail brand gallery often In of of kind the which what, more in But concept, of with are of by partner. shop-in-shop left a also reimagined is customer shop-in-shop environments you company, I to operating becoming As experience more that which gallery retail as often environment, mentioned, conveying has we was intent -- to comprehensive freedom brand. standardize interpretation environment. a
has of is this U.S., welcomed that been in accounts we're Germany, Natuzzi, partner type where decide to in that to in very not an distributing of important have anymore our happening by other we only geography, reinvest. XX some same decided And type, the were partner, including Also, innovation deal this is distribution. they important not engage this with and
Italia, channel the is [indiscernible] store. This true Natuzzi Natuzzi privileged is Natuzzi really freestanding Editions particularly Italia and for for
on even is we and those DNA collection, achieve to more been project, Design new receiving still orders. presented element maturity show Italia very collection. to in is very our The have is talks which important feedback about Especially a DNA, in the talk and based the fifth April a leveraging by we has very a to him Italia, on positive we're global Natuzzi which has is our involved working which Week, of the are and a somehow been design DNA about element ended Milano which the very for moment are maturity partners harmony, [indiscernible] Pasquale Natuzzi which comfort strong lucky just
collection months few is basically to be time the the purchased long as market presented quite, will our the being you it our to are for once start industry, collection they know, to takes and by when delivered freshness final be a This presented. months, As is partner, happen because very very stores and consumer. new will confident will a we where in providing in and of the for is better experience help sales Italia they of Natuzzi our few which support are the important, brand this
The been be than is our global where being only goes is XXX and we final that pillar advantage supporting future effort of global position. highlighted brand this markets. supporting as can U.S. And structure. a in identified a of of to all to but to more Natuzzi geography. on we central terms in clearly about opportunity. the discussion position finalize working our agreed with still sixth on and local Board has brand, the central macro an organization, strong historical to operate And company with also global the the One stronger been being X definitely has the U.S. I U.S., strategy success in achieved a and are retail as mentioned, the the is is
geography where the potential. now clearly our some a strong XXX China is brands. continental operate stores X between is brand the second We
now, As we in consolidate line you know don't China. by by line
sales in sell-out, that in of you terms you of but see So sell-in. see that don't terms sales
will we IT journey We intensively continuing China are the The continuing July the as of integration for is in integrated that of very in Italy, especially is make sure sum been this with means China is Natuzzi doing, acquisitive management. have interaction systems. And Italia. of more working to in key by integrating be a theme
in progress is operating also and China in So of integrating being stores. of system IT our the way now
become Hangzhou a legitimacy and flagship the XX governance, with terms End a do legitimacy which is having authority merchandising of that been store to us train to Natuzzi an really complete China, be Hangzhou gained the of that minutes largest city it of in there layout, store. first Italia. Shanghai the can experience, talk design customer are opening the by the language we by from having We is July, journey and new to will our that designed of the in one by JV, the of important of believe has ourselves the them. sign doing to has
be there Shanghai. And will in in a opening similar September, store
So we of should the start Italia China. to reviewing stores standard what the the JV in really directly of of be top by operated experience network revise Natuzzi
Europe, focusing U.K. and of where working some are been which historical significant Spain, -- key we neglected. the beyond reenter the Natuzzi for a reason and really had are footprint, Italy countries even of somehow but to the has geography,
next in we signed agreement Germany, an KH recently have the One galleries to the with example Group XX reopen month. is
and -- the We've extensively is restructuring in and commenting account experience, call investing with modernization press factory process last and the retail. pillar our are we restructuring doing we to the our of This seventh while on continue. SG&A. of area during marketing Mario. we're Therefore, are reducing consumer the like The working our been
the promising midterm. to term though a second Of main One reduction X are framework by restructuring and ability is elements. even workforce one-off ] restructuring in in strict the they speed of countries, of restructuring, European know, quite demanding comes of course, is invest then most is payback it outside to that, our they especially in very most very this U.S., regulatory you the have [ as because, and when the determined Italy course, process of those is in
how sales, This which continue where we to the -- is non don't clearly time dismissing our leads we the not the are much ability want, last to point any that of of some we of have in exploring sell exploring as invest because the resource agenda, a actively strategic. strategic level longer given assets to as
don't includes several The undersell for to the favor but interest we sales which moment the high includes minor This value discussions. kind clearly rate This the we setting chain, Romania. some and High Point and of tannery close such we some part to could want think values is Italy, alternative right there's where tannery this in been which for our building. at of have includes the have we also of don't asset as
more our gets risk is the in a This So the the situation this, the short like always for midterm this is case. not term. what Clearly, attention. there's of compromising
create are to the focusing of cash of We and our strengths is XXX strength company, strength on terms brand, the in our eyes the globally. definitely short the of what midterm our stores the keep term management, more in but globally will which nearly recognized want considering on our value of we
stop me Let for here question. your
reaction But agenda. can working we management click on for Carlo, here, with general then course, stop cash also Of our initial other capital and elements. double and strategic of to me let overview this