Business
G. Willi-Food international Reports the results of first quarter 2022
YAVNE, Israel, May 17, 2022 /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 17, 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 first quarter ended March 31, 2022.\nFirst Quarter Fiscal Year 2022\nSales increased by 1.2% to NIS 118.1 million (US$ 37.2 million) from NIS 116.7 milliom (US$ 36.7 million) in the first quarter of 2021.Gross profit decreased by 5.5% year-over-year to NIS 34.2 million (US$ 10.8 million).Operating income decreased by 37.1% year-over-year to NIS 9.5 million (US$ 3.0 million).Cash and securities balance of NIS 346.1 million (US$ 109.0 million) as of March 31, 2022.Basic earnings per share of NIS 0.98 (US$ 0.31).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present first quarter 2022 financial results to the Company shareholders. The world is experiencing a crisis which among other things is due to war in Ukraine and global uncertainty regarding the Corona virus. This crisis is reflecting among other things, in disruptions to international commercial shipping and disruptions in commodity pricing. The Company cannot predict how long this crisis will last. Despite this difficult environment, the Company managed to increase the level of sales and maintain a strong level of gross margin and other operational parameters. The Company will work hard to fulfill its strategy for the near future, 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, strengthen its brand and supply chain and ensure sufficient inventory. We intend to work hard to achieve the goals we have set for the Company and maintain strong profit parameters.\"\nFirst Quarter Fiscal 2022 Summary\nSales for the first quarter of 2022 increased by 1.2% to NIS 118.1 million (US$ 37.2 million) from NIS 116.7 million (US$ 36.7 million) recorded in the first quarter of 2021. Sales increased mainly due to (i) effective marketing activities carried out in the first quarter of 2022 that increased the range of the Company's products and (ii) proper inventory management.\nG...