High-end Italian food retailer Eataly has reported consolidated revenue of €656 million in its 2023 financial year, registering an increase of 9% (€54 million) compared to 2022.
As well as seeing growth from new store openings, its existing portfolio also performed well, with like-for-like sales growing by 7.4%, to €41 million, at constant exchange rates.
The North American market continues to be a powerhouse for Eataly, accounting for over 60% of its total revenue and experiencing 9.2% growth in 2023.
Eataly’s profitability also saw significant improvement – consolidated EBITDA jumped by 61%, compared to 2022, to €41.1 million, or more than double its 2019 levels.
Despite a net loss of €28 million, impacted by one-time charges, the company’s performance represents a €0.7 million improvement over 2022.
Eataly’s financial health is also witnessing improvement, with its consolidated adjusted net financial position reaching €44 million at year end – up from €94 million in 2022.
Business Expansion
Eataly expanded its global footprint in 2023 by opening five new stores, including one in New York City and one Toronto, and three in Italy (Serravalle Designer Outlet, Milan Bergamo Airport and Rome Termini Station), taking its total to over 50 stores worldwide in 15 countries.
“The growth in revenues and margins arrived ahead of our initial plans and represents a positive signal for Eataly and an acceleration of the development path undertaken. In our future, we expect to continue to grow and improve profitability,” Eataly CEO Andrea Cipolloni commented.
Eataly plans to strengthen its presence in existing markets, expand its brand products, and continue opening new stores, both directly managed and franchised.
Founded by Oscar Farinetti, Eataly is now majority owned (52%) by Investindustrial, led by Andrea Bonomi. The remaining shares are divided among Eatinvest (the Farinetti family), the Baffigo-Miroglio family and Clubitaly (Tamburi Investment Partners).
