afternoon Good Kevin, the joining for our and for meeting, Thank rule joining for from opening from the one from the morning for thank Piero, good of ones good you, for you, Europe, -- the and morning conduit. morning one reminding good and Europe. U.S. joining
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in the X million. we have you with last the EUR year, sales with closed seen, As XXX.X months line first of the year
listed at in has XXXX performance XXXX year. continues versus branded XXXX sector of we strong look business, X.X% this reported our companies of most been the be the headwinds the stronger which [ and When know, sales fact, ]. the average, growing facing be previous the from and confirmed in (sic) to to are XX.X% sector you As negative our than versus
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X.X and in for restructuring X/X this EUR selling have that expenses So to include and they is margin, because in people. one-off refer they administration accrued reading remember the you million to severance
equivalent operating the the since year, total months of the business. was let of it we beginning workforce. X In XXXX XXX a reduction leading stronger more the is legacy At when much industrial deal very restructuring story. footprint other becoming same side to the We from The time, need with of the volume X,XXX first in to XX% Natuzzi had people, Brand/Retail of go persons, company. of much focus the total time we a the because on the a our to
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and post-COVID that same affected use sector as instead gross a to the pre- of the reference margin, XX%. at for we has the in number XXXX so as margin of not still months the look dynamics, first to margin XXXX been time the XX.X%, X we the XX.X%, does compare When which exactly in was from the a
I on impact cost before, sales. of severance EUR and of As mentioned million X.X
cost, XX.X%, the in XX.X% the XXXX we of excluding the again, the margin XXXX. margin, severance have for been of comparing, So XX% first in at the net and X look to if severance year months would of
So apple, significantly if a for and we quarter third later, with us. even compare comment in has apple context where the been we'll soft
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EUR an an Again, on So million in reported X.X million, loss down loss profit In of and million would to loss XXXX which excluding the operating EUR we P&L. of X.X compare XX.X one-off XXXX. severance, the million operating of have first of operating operating reported the XXXX, in EUR we moving XX.X EUR of X severance an have X.X months in of are EUR in loss -- that EUR of the EUR which X.X with in sense that period. million million, of million of the All numbers, XXXX. would million happened apple with course, in we and net operating cost apple loss these sorry, compared an XX.X EUR XXXX comparing are operating X.X
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assets continue we assets, We tannery have sheet. mentioned before our balance which way include in to at a looking our other sell minor also and nonstrategic that I
we cash. the the XX.X cash September, end EUR of is million. million. with EUR at Looking significantly position lower The opened At the XX.X We than position. have opening
cash in the principle, Of the cash dynamics EUR for million, the or is operation accounted to EUR is difference operating X Looking workforce. IFRS operations. Hence, is is way and activity. X.X in generated X.X severance this, in positive the accounted which which X has between in cash used EUR for million our by the main at in way the is million. the been the cash, used reduce Again,
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