Business
G. WILLI-FOOD INTERNATIONAL REPORTS 16.6% INCREASE IN SALES AND INCREASE IN ALL PROFIT PARAMETERS IN THIRD QUARTER 2022 COMPARED TO SAME PERIOD LAST YEAR
YAVNE, Israel, Nov. 24, 2022 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, Nov. 24, 2022 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the \"Company\" or \"Willi-Food\"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the third quarter ended September 30, 2022.\nThird Quarter Fiscal Year 2022\nSales increased by 16.6% to NIS 123.9 million (US$ 34.9 million) from NIS 106.3 million (US$ 29.9 million) in the third quarter of 2021.Gross profit increased by 15.6% year-over-year to NIS 34.1 million (US$ 9.6 million).Operating income increased by 16.7% year-over-year to NIS 9.5 million (US$ 2.7 million).Net profit increased by 46.1% year-over-year to NIS 7.6 million (US$ 2.1 million).Cash and securities balance of NIS 292.5 million (US$ 82.6 million) as of September 30, 2022.Basic earnings per share of NIS 0.55 (US$ 0.16).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of the Board of Willi-Food, commented: \"We are pleased to present the third quarter 2022 financial results which show significant increase in sales and improvements with all profit parameters compared to the third quarter of 2021. During the last period, there has been increased public discourse focusing on the increasing cost of living in Israel. We believe that, this discussion has led to a change in consumption habits of consumers, that translate to an increase with the consumption of non-branded food products replacing consumption of branded food products. We believe that our company that imports and sells mainly high quality non-branded food products is in good position to benefit from the increased focus on the cost of living in Israel.\nThird Quarter Fiscal 2022 Summary\nSales for the third quarter of 2022 increased by 16.6% to NIS 123.9 million (US$ 34.9 million) from NIS 106.3 million (US$ 29.9 million) in the third quarter of 2021. Sales increased mainly due to (i) increasing the range of the Company's products (ii) proper inventory management and (iii) improving the presence of the Company's line of products in stores.\nGross profit for the third quarter of 2022 increased by 15.6% to NIS 34.1 million (US$ 9.6 million), or 27.5% of revenues, compared to NIS 29.5 million (US$ 8.3 million), or 27.7% of revenues in the third quarter of 2021. The increase in gross profit w...