On April 27th, Eataly – the largest Italian food hall chain in the world – approved the first consolidated financial statements in its history. The results show a strong growth in 2017, starting with the number of new stores opened in the last 15 months. There are six of them, from Boston (November 2016), to Trieste, Moscow, Tokyo, Los Angeles and Stockholm (February 2018). Turnover growth in all the main regions was also strong (+20%). 2017 was a very important year“, declared Executive Chairman Andrea Guerra. Many shops to open, many shops to bring up to speed, while at the same time planning the evolution and development of a young, very dynamic, and future-oriented company. Among the milestones of 2017, the most important were the opening of the first shop on the west coast of the United States, in Los Angeles, and the opening of the world biggest Italian food-themed park in Bologna last November – FICO Eataly World – which has already reached a million visitors in the first months of its life.
Economic results
Eataly group’s consolidated turnover reached €465 million in 2017, an increase of 20% compared to 2016, thanks to the good performance of the stores and to the opening of new sales outlets. In Italy, growth was 7% while in the USA it reached 48%, also thanks to the contribution of new stores. The gross operating margin (adjusted EBITDA) reached 25 million euros, with strong growth compared to 2016 and a positive result in all the main countries where the group operates. The good cash flow generation in 2017, amounting to 25 million euros, made it possible to sustain significant investments for the opening of new shops while reducing net debt to 51 million euros at the same time. During the year, the group also subscribed to a 20 million euro capital increase which will further strengthen its capital base in order to meet its growth goals for the coming years. In 2017 almost 33 million visitors entered the Eataly shops which served around 30,000 meals a day. By now, Eataly is a global reality with 8,600 employees. Since its inception, the company has brought out of Italy about 11,000 typical products for the first time. The first 3 months of 2018 confirm the positive results of 2017, with a further increase in sales of 19.6%.
The future
In 2018 the story goes on. Our unique business model has allowed us to bring excitement to one of the world’s most mature industries: food. We think we have ten years of continuous growth potential ahead concluded Andrea Guerra. To do this, also in 2019 Eataly must: find the right places to open our stores; innovate and enhance the experience of our consumers both in our stores and online; find fantastic producers, breeders, and farmers to carry forward the philosophy of ‘good, clean, and fair’; as always grow, shape and reshape the organization of our company.