Tuesday 21 March 2023

Illycaffè posts double digit growth in revenues for the first nine months of 2022

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MILAN, Italy – During the first nine months of 2022, illycaffè ‘s consolidated revenues grew by 15% compared to 2021. Revenues in the Ho.Re.Ca. channel, which benefited from a gradual recovery in out-of-home consumption, saw double-digit growth compared to 2021 (+39%), narrowing the gap with pre-pandemic levels.

Revenues in the retail channel grew by 5% compared to 2021, while revenues in the online channel grew by 8% over 2021.

In the United States, a priority market in the industrial plan, revenues grew by 32% compared to 2021 thanks to positive performances in all main distribution channels and to the favorable impact of a stronger dollar.

The other markets in which the group is present saw strong growth in revenues compared to 2021. In particular, China revenues grew by 22% compared to 2021

Although revenues grew significantly, there remains strong pressure on margins due to increases in the costs of raw materials and logistics, which grew by nearly 20% compared to 2021.

In spite of higher cost base, EBITDA in the first nine months grew compared to the previous year, thanks to accelerating revenues, a strong strategic focus on long-term drivers of growth, and improved operational efficiency.

In the current, very challenging macro-economic context, illycaffè decided to show its support to the families of its employees with a welfare bonus amounting to € 500,000 in total.

Cristina Scocchia, CEO of illycaffè, commented:

“We are very satisfied with our results in these first nine months. We experienced growth in all of the markets and distribution channels in which we operate. In spite of a particularly challenging macro-economic context, EBITDA grew compared to 2021 thanks to an acceleration in revenues and our constant efforts to control discretionary costs.

We are well aware that inflation is significantly curtailing the purchasing power of families, and as a result we have decided to give a welfare bonus amounting to about € 500,000 in total to our employees to show our concrete support”.

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