Business
G. Willi-Food International Reports Its Financial Results for the Third Quarter of 2021
YAVNE, Israel, Nov. 30, 2021 /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. 30, 2021 /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, 2021.\nThird Quarter Fiscal Year 2021 Highlights\nSales decreased by 5.1% year-over-year to NIS 106.3 million (US$ 32.9 million). Gross profit decreased by 13.4% year-over-year to NIS 29.5 million (US$ 9.1 million). Operating profit decreased by 41.7% year-over-year to NIS 8.2 million (US$ 2.5 million). Total financial expense, net NIS 1.6 million (US$ 0.5 million) compared to Total financial income net on third quarter of 2020 of NIS 14.5 million (US$ 5.4 million). Income before taxes decreased by 76.9% year-over-year to NIS 6.6 million (US$ 2.0 million). Net profit decreased by 76.2% year-over-year to NIS 5.2 million (US$ 1.6 million), or 4.9% of sales. Cash and cash equivalents balance of NIS 219.0 million (US$ 67.8 million) as of September 30, 2021. Earnings per share of NIS 0.38 (US$ 0.12).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present third quarter 2021 financial results. The Company experienced a decline in sales, mainly resulting from a decrease in working days in September due to Jewish holidays and due to decline in sales in the food industry as a whole. \n\"As a result of the Covid-19 pandemic, the world is still experiencing disruptions to international commercial shipping, which has led to an increase in the demand for containers and a significant increase in sea freight and commodity prices which affected the company gross margin. \n\"Despite the challenging environment, the Company has worked to maintain a high level of sales and positive operational parameters for the third quarter of 2021. The Company's strategy for the near future is to improve commercial conditions with its suppliers and customers, develop new products, enter into new categories with potentially high gross profit margins, improve the visibility of its products in the stores and strengthen its brand, supply chain and sufficient inventory. We intend to work hard to achieve the goals we have set for the Company.\"\nThird Quarter Fiscal 2021 Summary\n...