Coffee Service

Illycaffè reports strong Q1 2023 results

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May 4, 2023

Illycaffè SpA, a Trieste, Italy-based specialty coffee company, reported double digit revenue growth for Q1 2023 over the prior year period, according to a press release.

Consolidated revenue grew by 13.2% compared to the previous year thanks to solid organic growth, led by all the main markets and distribution channels.

Looking at the main markets, in Italy revenue grew by 10.7% compared to 2022 while in the U.S. revenue grew by 27.7%.

Regarding distribution channels, hotels, restaurants and cafes drove growth by recording an increase in revenue by 26.3%, supported by a constant increase in the number of clients and by an increase in average consumption.

"We are very pleased with the results of the first trimester, which saw strong organic growth that outperformed the market, and an excellent increase in profitability," CEO Cristina Scocchia said in the press release.