Business
G. Willi-Food International Reports the Results of First Quarter 2020 Which Show the Highest Ever Quarterly Sales, Gross Profit and Operating Income
YAVNE, Israel, May 21, 2020 /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 21, 2020 /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, 2020.\nFirst Quarter Fiscal Year 2020\nSales increased by 32.0% year-over-year to NIS 129.1 million (US$ 36.2 million). Gross profit increased by 37.5% year-over-year to NIS 41.5 million (US$ 11.6 million). Operating profit increased by 50.9% year-over-year to NIS 19.0 million (US$ 5.3 million). Net profit decreased by 92.5% year-over-year to NIS 1.2 million (US$ 0.3 million). Cash and securities balance of NIS 242.6 million (US$ 68.1 million) as of March 31, 2020. Earnings per share of NIS 0.09 (US$ 0.03).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"Since a strain of coronavirus surfaced in China at the end of 2019 and reached many other countries worldwide, including Israel, there has been a substantial increase in demand for the Company's products, especially in the retail market. The Company acted to maintain its operational ability and to ensure that sufficient levels of inventory were available in order to meet demand during the COVID-19 pandemic. As a result, the first quarter 2020 financial results show the Company's highest ever sales, gross profit and operating profit. We intend to continue to maintain sufficient inventory levels and work to further strengthen the Company's supply chain, and product portfolio to meet its future demand.\"\nAccording to retail data analytics provided by StoreNext Ltd[1], the Company recorded a higher growth rate in the last quarter for \"sale out\" sales (in other words, sales to the final consumer) than any other Israeli food and beverage company, growing 45.5% compared to the average of such companies, which increased by 15.4%.\n[1] StoreNext Ltd. has a direct connection to the cash register systems of over 2,200 points of sales, providing information regarding 80% of real time sales data in Israel.\nFirst Quarter Fiscal 2020 Summary\nSales for the first quarter of 2020 increased by 32.0% to NIS 129.1 million (US$ 36.2 million) from NIS 97.8 million (US$ 27.4 million) recorded in the first quarter of 2019. Sales incre...