Business
G. Willi-Food international reports the results of second quarter 2023
YAVNE, Israel, Aug. 30, 2023 /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. 30, 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 second quarter ended June 30, 2023.\nSecond Quarter Fiscal Year 2023\nSales increased by 4.9% to NIS 129.2 million (US$ 34.9 million) from NIS 123.2 million (US$ 33.3 million) in the second quarter of 2022.Gross profit decreased by 32.8% year-over-year to NIS 26.1 million (US$ 7.1 million).Operating profit decreased by 93.3% year-over-year to NIS 1.0 million (US$ 0.3 million).Net profit decreased by 32.6% year-over-year to NIS 4.9 million (US$ 1.3 million).Cash and securities balance of NIS 212.1 million (US$ 57.3 million) as of June 30, 2023.Basic earnings per share of NIS 0.4 (US$ 0.1).Management Comment \nZwi Williger & Joseph Williger, Chairmen & CEO of Willi-Food, commented, \"In the second quarter of 2023, the Company experienced increased prices in the products it acquires and the weakening, by approximately 10%, of the Israeli shekel in relation to the euro and US$ currencies. Those two factors negatively affected the Company's profit margins, which was reflected in the Company's second quarter financial results. The Company reached its internal sales goals for the second quarter of 2023 and is working hard to improve its financial results by improving the terms of its commercial arrangements with its suppliers and customers. The Company is also looking for new potential markets abroad to sell its products. We believe that the cost-of-living issue in Israel become more prominent among the public and as a result we believe that the public in Israel is looking for lower cost substitutes for the more familiar food brands. Since most of our products are substitutes to familiar brands, we hope the demand for our products to increase.\"\nSecond Quarter Fiscal 2023 Summary\nSales for the second quarter of 2023 increased by 4.9% to NIS 129.2 million (US$ 34.9 million) from NIS 123.2 million (US$ 33.3 million) recorded in the second quarter of 2022. Sales increased mainly due to increases (i) in the range of the Company's products, (ii) in our inventory levels and its availability for the demand of our products, (iii) in the Company's ef...