(Alliance News) - De' Longhi Spa reported Thursday consolidated revenues for the year 2022 of EUR3.16 billion, down 2.0 percent from 2021 and 5.9 percent at constant exchange rates.

In the fourth quarter, the company specified in a note, revenues were about EUR1.03 billion, down 4.0%-or 7.0% at constant exchange rates-compared to the same period in 2021.

The year 2022, De' Longhi explained, "saw the group end the first part of the year in positive territory, supported by a brilliant coffee performance, only to show a generalized decline in revenues at a mid-single digit rate over the following quarters. This change of scenario is attributable to several factors, such as the complex geopolitical situation and unfavorable inflationary dynamics, as well as a challenging comparison with the extraordinary growth achieved in 2021."

These factors, the company added, temporarily weakened demand for goods in the European region, while in other geographic areas the group was able to maintain the sales trend in positive territory.

De' Longhi on Thursday closed 0.1 percent in the red at EUR21.56 per share.

By Chiara Bruschi, Alliance News reporter

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