Domestic and professional coffee machine sales boosted the Italian appliance manufacturer’s third quarter as the group’s fiscal performance continues to ‘normalise following pandemic bounce
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Coffee currently accounts for nearly 60% of De’Longhi’s total revenues | Photo credit: De’Longhi
De’Longhi has posted robust coffee machine sales in the third quarter as its year-to-date sales continue to ‘normalise’ following surging sales of home equipment during the pandemic.
The Italian appliance manufacturer’s revenues in the first nine months of 2023 were 6% down on 2022 at €2bn ($2.1bn). However, group sales in the third quarter grew 3% year-on-year to €706.6m ($756m) – its highest quarterly sales of 2023.
Adjusted EBITDA reached €105m ($112m) in the third quarter, up 25% to €265m ($284m) for the year-to-date.
Coffee currently accounts for nearly 60% of De’Longhi’s total revenues, with the business reporting particularly strong sales for its fully automatic machines and household coffee pod systems.
Additionally, De’Longhi said its drip coffee makers and business-to-business (B2B) coffee machines, comprising its Swiss super-automatic coffee machine business Eversys, had achieved double-digit sales growth in 2023.
“The excellent results of the quarter allow us to look forward with extreme confidence to this phase of gradual normalisation of the growth and profitability trends of the post-pandemic period. In particular, in recent months our group has achieved strong organic growth and record EBITDA, progressively offsetting the negative effects of inflationary pressures on production and consumption costs,” said CEO Fabio de' Longhi.
De’Longhi posted revenues of €2.3bn ($2.5bn), €3.2bn ($3.45bn) and €3.15bn ($3.4bn) in 2020, 2021 and 2022 respectively.