De'Longhi credits a ‘strong trend’ in sales of its fully automatic and manual coffee machines as the group posts another quarter of exceptional performance
.jpg.aspx?lang=en-GB&width=700&height=467)
Delonghi Group CEO Massimo Garavaglia | Photo credit: De Longhi Group
De'Longhi Group has hailed its ‘resilience and flexibility’ after posting another quarter of exceptional sales growth.
The Italian appliance manufacturer reported nine-month revenues of €2.15bn – 45% higher than compared to the same period in 2020. Third quarter revenues were up 24.5% to €717.7m compared to the same period in 2020.
Coffee machines provided the lion’s share of earnings, accounting for 52.8% of the group’s revenues.
De'Longhi attributed a fall in nine-month profits to €216.1m compared to €451.5m earned the same period in 2020 to the acquisitions of Nutribullet manufacturer, American Capital Brands, and Swiss super automatic coffee machines manufacturer, Eversys.
The acquisitions represented a €463.4m commitment for De'Longhi, with the companies contributing €205.6m revenues over the nine-month period.
The strong group performance was made possible due to the ‘intrinsic strength of the structural trends in the coffee and food segments’, De'Longhi wrote in a press release.
Commenting on the robust results, De'Longhi Group CEO Massimo Garavaglia alluded to supply chain issues that have hampered the global economic recovery following the pandemic, but said the company remained in a strong position for the remainder of 2021.
“The third quarter showed a robust growth trend at a high single digit rate, despite the challenging comparison with the same quarter of last year, which recorded a tremendous growth of +26% versus 2019,” Garavaglia said.
“We believe we can continue to look positively at the evolution of the business, in face of the growing global difficulties in the distribution and production areas,” Garavaglia added.