The Assembly of Members of Eataly Srl, a company that is transforming the experience of food in the world, has approved the first consolidated balance of its history on 27 April.
Key facts of the 2017
- Open 6 stores in the last 15 months: Boston (November 2016), Trieste, Moscow, Tokyo, Los Angeles, Stockholm (February 2018)
- Strong sales growth (+ 20%). Today North America and Italy have a similar turnover. Positive organic growth of all the main regions
- Operational profitability in continuous acceleration, even in the face of many stores opened during the year
Management trend
"The 2017 has been a very important year. Lots of shops to open, lots of shops to be fully operational, while planning the evolution and development of a young, very dynamic and future-oriented company"Declares Andrea Guerra, Executive President. Many 2017 milestones, among which the most important were:
- The opening of the first store on the west coast of the United States, in Los Angeles, rewarded by long queues for a long time after the inauguration
- The opening in Bologna in November of the first and only agri-food park in the world - FICO Eataly World, which has already reached one million visitors in the first months of life. FICO Eataly World is a park that in an innovative and unique way combines agriculture, production, market and catering.
Il turnover Consolidated Eataly Group has reached 2017 million Euro in 465, up 20% compared to 2016, thanks to the good performance of stores already in full swing and the opening of new stores, despite the foreign exchange penalty. In Italy the growth was 7%, while in the US it reaches 48%, thanks also to the contribution of the new stores.
Il operating margin gross (adjusted EBITDA) reaches EUR 25 million, a strong increase compared to 2016, with a positive result in all the main countries of presence, thanks to:
- increase of the industrial margin that goes from 52% of 2016 to 55% thanks to the work carried out both on the points of sale and on the level of central purchases
- increase in productivity, made possible by a single business model, which makes it possible to integrate the work of the various catering, sales and teaching departments
- reduction of the impact of operating costs thanks to the revision of the main processes within the stores
- entry into force and standardization of the stores in São Paulo, Brazil and Munich
- Progressive further improvement of the operating leverage, thanks to the significant increase in turnover against stable central costs and the reinforcement of the management previously completed
the good cash generation of the 2017 allowed to support major investments for the opening of new stores, equal to 25 million euros and a simultaneous reduction of net debt, which stands at 51 million, of which 32 million related to industrial activity and 19 million related to the repurchase of minority interests in some group companies.
During the year, a capital increase of 20 million euro was also fully subscribed, which allows a further increase capital strengthening of the group at the service of the important growth objectives of the coming years.
In the 2017 in all our stores we had almost 33 millions of visitors; we served about 30.000 meals a day. With the openings made today Eataly is a global reality with 8.600 collaborators.
One of the fundamental characteristics is that of being able to bring into the world that fantastic wealth of many small Italian producers. Eataly in its history has taken out of the Italian borders for the first time about 11.000 products.
In 2017 we launched a major identity project for Eataly, in collaboration with Slow Food and the University of Palermo: Let's Sow Biodiversity. In the 70s, there were over 7.000 seed companies around the world. Today the concentration is impressive: the top five companies in the sector control 95% of vegetable seeds. In fact, we talk too much about cooking and too little about agriculture. Eataly wanted to make its concrete contribution with Arcoiris, the only Italian and organic seed company, "rediscovering" 40 varieties of vegetable seeds, all organic, adding 12 in 2018 and above all closing the circle with the first proposal in our fruit and vegetable departments of complete chain vegetables born from our seeds. Because seeds are a common good and help us reflect on the future we wish for our planet.
The first 3 months of the 2018 confirm the positive results of 2017 with a further increase in turnover of 19,6% at current exchange rates, still particularly penalizing, equal to 24,7% at constant exchange rates. We have successfully opened our first store in Sweden and now we are preparing for the opening of the store in Las Vegas.
In 2018 the story continues. "Our unique business model in the world has allowed us to bring emotions into one of the most mature industries in the world: food. We think we have ten years ahead of us of potential growth with the motto of at least one Eataly store in every capital of the world"Concluded Andrea Guerra. "To do this also in the 2019 Eataly must:
- find the right places to open our stores. Today we are very focused on North America and Europe
- innovate and enhance the experience of our consumers both in our stores and online
- find and find fantastic producers, breeders and farmers to carry on the philosophy of the clean and just good
- as always to grow, shape and reshape the organization of our company. "