Italian coffee machine and appliance manufacturer hails ‘extraordinary results’ as first-quarter revenues grow 72.6% to €625.7m ($756m)
DeLonghi Group CEO Massimo Garavaglia (pictured) hailed DeLonghi's first-quarter results as “extraordinary” | Photo credit: DeLonghi Group
DeLonghi continues to enjoy strong demand for at-home coffee
equipment globally. Announcing its first quarter results, the Italian appliance manufacturer reported net revenues grew 72.6% to €625.7m ($756m), with profits rising 636.2% to €80.9m ($97.7m), compared the same period in 2020.
“The extraordinary results achieved further consolidate De’ Longhi's position among the leaders of the industry,” said DeLonghi Group CEO Massimo Garavaglia.
“The continuation of the development trend of coffee and kitchen, strengthened by the increased attention of consumers towards the home environment, support our positive expectations for the coming quarters,” he added.
In particular, DeLonghi singled out its coffee-related products as having benefitted from expansion across all categories, with demand for super-automatic coffee machines above the group’s average.
In May 2021 De'Longhi Group, completed the $164m acquisition
of Swiss super-automatic espresso machine maker, Eversys, gaining the remaining 60% stake in the company in addition to the 40% it acquired in June 2017.
Delonghi’s strong results, alongside robust retail coffee sales at global beverage giants, such as Nestlé
and Kuerig Dr Pepper
, indicate a sustained trend towards increased at-home coffee consumption following the pandemic even as hospitality businesses begin to reopen in many parts of the world.