Business
G. Willi-Food International Reports Second Quarter 2019 Sales Crossed NIS 100 Million - The Highest Quarterly Sales Ever
YAVNE, Israel, Aug. 14, 2019 /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, Aug. 14, 2019 /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 second quarter ended June 30, 2019. \n\n \nSecond Quarter Fiscal Year 2019 Highlights\nSales increased by 27.7% year-over-year to NIS 100.1 million (US$ 28.1 million). Gross profit increased by 34.6% year-over-year to NIS 29.8 million (US$ 8.4 million). Operating profit of NIS 9.9 million (US$ 2.8 million), or 9.8% of sales, compared to operating profit of NIS 7.6 million (US$ 2.1 million) in the comparable quarter of 2018. Net profit increased by 75% year-over-year to NIS 11.3 million (US$ 3.2 million), or 11.3% of sales. Net cash from operating activities of NIS 2.4 million (US$ 0.7 million). Cash and securities balance of NIS 267.9 million (US$ 75.1 million) as of June 30, 2019. Earnings per share of NIS 0.86 (US$ 0.24).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present the second quarter 2019 financial results, which show continued quarterly improvements in sales, gross profit and operating profit year-over-year for eight quarters in a row. According to retail data analytics provided by StoreNext Ltd[1], the Company recorded a higher growth rate in the first six month of 2019 for \"sale out\" sales (in other words, sales to the final consumer) than any other Israeli food and beverage company, growing 29.9% compared to the average of such companies, which grew only by 2.4%.\nWe are focusing on increasing the Company's market share in the food sector in Israel and, for the first time, the Company's quarterly sales crossed NIS 100 million. We believe that our growing business and other Company plans for the coming years will further improve Company results.\"\nSecond Quarter Fiscal 2019 Summary\nSales for the second quarter of 2019 increased by 27.7% to NIS 100.1 million (US$ 28.1 million) from NIS 78.4 million (US$ 22.0 million) recorded in the second quarter of 2018. Sales increased primarily due to a redirection of resources to increase support for sales activity and an increase in the variety of Company products.\nGross profit for the second quarter of 2019 inc...