Business
G. WILLI-FOOD INTERNATIONAL REPORTS FIRST QUARTER 2023 RESULTS WITH A RECORD HIGH QUARTERLY SALES
YAVNE, Israel, May 15, 2023 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, May 15, 2023 /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 first quarter ended March 31, 2023.\n \n \n \n \nFirst Quarter Fiscal Year 2023\n \nSales increased by 28.2% to NIS 151.4 million (US$ 41.9 million) from NIS 118.1 million (US$ 32.7 million) in the first quarter of 2022.Gross profit increased by 17.0% year-over-year to NIS 40.0 million (US$ 11.1 million).Operating income increased by 37.7% year-over-year to NIS 13.0 million (US$ 3.6 million).Cash and securities balance of NIS 236.7 million (US$ 65.5 million) as of March 31, 2023.Basic earnings per share of NIS 0.78 (US$ 0.21). \nManagement Comment \nZwi Williger & Joseph Williger, Chairmen & CEO of Willi-Food, commented: \"We are pleased to present the Company's first quarter 2023 financial results with record quarterly sales and strong operational results. Although the Company's gross profit margin was adversely affected by the strengthening of the USD and Euro currencies in which the Company buys its products and the increase of product prices, the Company succeeded in achieving an improvement in its operational profit. This improvement was mainly due to the increase with sales, which resulted from the expansion of our range of products, an increase in inventory levels and availability and increased efforts in advertising and marketing, these actions caused an increase in demand for the Company's products and higher availability of the Company's products in stores. We believe that investing in our logistic capabilities and in sales and marketing capabilities will help us to further expand our business activity in the future.\nFirst Quarter Fiscal 2023 Summary\nSales for the first quarter of 2023 increased by 28.2% to NIS 151.4 million (US$ 41.9 million) from NIS 118.1 million (US$ 32.7 million) recorded in the first quarter of 2022. Sales increased mainly due to (i) an increase in the range of the Company's products, (ii) increased efforts to increase our inventory levels and its availability for the increasing demand for our products, (iii) increased efforts to improve presence of the Company's line of products in stores and (iv) adve...