Shufersal today reports financial results for the second quarter and first half of 2022

The operating profit for the quarter amounted to NIS 107 millionrepresenting approximately 2.9% of the Group’s revenue, and net profit amounted to approximately NIS 68 million, constituting approximately 1.8% of total revenue.

Private label sales during the second quarter increased to approximately 26.7% of total food retail sales, compared to approximately 26.1% in the corresponding quarter last year.

BE sector revenue grew by approximately 14.3% and amounted to approx NIS 255 million compared to NIS 223 million in the corresponding quarter of last year.

The growth trend continues in the activity of Shufersal Business, the real estate sector and the credit card club, which has approximately 675 thousand cards.

The transaction for the purchase of the Dan Deal Group has been completed.

TEL AVIV, Israel, August 17, 2022 /PRNewswire/ — Shufersal (TASE: SAE), of Israel leading retailer, today announced financial results for the second quarter of 2022.

The Group’s revenues in the second quarter amounted to approx NIS 3.7 billion compared to NIS 3.6 billion last year, which represent an increase of approximately 3.3%, mainly due to the effect of seasonality and the expansion of business market activity, and on the other hand, to an accelerated return to normality in the framework of the exit of the coronavirus pandemic. . The timing of Easter is reflected in the effect, among other things, on the volume of sales and the power of the promotions that took place in the second quarter of this year compared to the corresponding quarter of last year. The Group’s income in the first half of the year amounted to approx NIS 7.2 billion compared to NIS 7.4 billion in the corresponding period last year. The decrease is mainly due to an accelerated return to normality in the framework of the exit of the coronavirus pandemic, the increase in flights abroad by Israeli residents, who for the first time leave the country’s borders after a long period in which this was not possible, and the opening of wider consumption options to the public in line with the overall global trend. Same-store sales (food retail) increased approximately 1% in the quarter and approximately 4.7% on average compared to the corresponding periods last year. Gross profit for the second quarter amounted to NIS 973 millionaccounting for approximately 26.3% of revenue compared to approx NIS 1.004 billion in the corresponding quarter last year, which constituted approximately 28.0% of revenues. The decrease in total gross profit is mainly due to the deepening of promotions for customers and the increase in operating expenses. In the first half, gross profit amounted to approx NIS 1.898 billioncompared to approx NIS 2.022 billion in the corresponding period last year, and constitutes approximately 26.3% of sales turnover compared to 27.5% in the corresponding period last year. The decrease in gross profit was due to a decrease in group income and an increase in operating expenses. Operating profit for the second quarter amounted to approx NIS 107 millionrepresenting approximately 2.9% of group revenue compared to approx NIS 183 million, which represented approximately 5.1% of group revenue in the corresponding quarter last year. The decrease in operating profit is due to an increase in total expenses as a result of the increase in the group’s activity, the increase in the price of production factors and the effect of inflation. The operating profit in the first half of the year amounted to approx NIS 209 millionapproximately 2.9% of sales turnover compared to approx NIS 381 million in the corresponding period last year, which constituted approximately 5.2% of sales turnover. Net profit for the second quarter amounted to approx NIS 68 millionrepresenting approximately 1.8% of revenue compared to approx NIS 97 million, which constituted approximately 2.7% of revenue in the corresponding quarter last year. The net profit of the half amounted to approx NIS 95 million (about 1.3% of sales) compared to approx NIS 211 million (2.9% of sales) in the corresponding period last year. EBITDA for the quarter amounted to approx NIS 334 millionwhich constitute about 9% of the company’s total sales compared to approx NIS 388 million in the corresponding quarter, which constituted approximately 10.8% of the company’s total sales last year. EBITDA for the first half amounted to NIS 650 millionaccounting for 9% of the company’s total sales compared to approx NIS 785 million, which constituted approximately 10.7% of the company’s total sales in the corresponding period last year. The operating profit of the real estate sector in the second quarter amounted to approx NIS 41 million compared to approx NIS 37 million in the corresponding quarter of last year. Likewise, a profit was recorded in the real estate sector due to approx NIS 95 million adjustments The revenue of the Be sector in the second quarter amounted to approx NIS 255 million compared to approx NIS 223 million in the corresponding quarter of last year, an increase of approximately 14.3%. The operating profit of the Be sector was approx NIS 2 million, similar to the corresponding quarter last year. Same-office sales increased approximately 11.2% in the quarter and approximately 16.2% on average compared to the corresponding periods last year. In the first semester, the income of the Be sector has been approximately NIS 524 million compared to approx NIS 439 million in the corresponding period last year, an increase of approximately 19.4%. The operating profit of the Be sector was approx NIS 3 million, similar to the corresponding semester last year. Shufersal’s online sales in the second quarter accounted for approximately 18.5% of all food retail sales, compared to approximately 19.5% in the corresponding quarter last year.
During the first half of the year, sales of Shufersal Online amounted to approximately 20.1%, compared to approximately 21% in the corresponding period last year. Private label sales during the second quarter increased to approximately 26.7% of total food retail sales, compared to approximately 26.1% in the corresponding quarter last year.
In the first half of the year, own brand sales amounted to approximately 27.1%, compared to approximately 26.8% in the corresponding period last year.

Itzik Abercohen, Chairman of the Board of Directors of Shufersal, and Uri WatermanCEO of Shufersal, said today:

“The second quarter results reflect the return to normality and the exit from the period of closures due to coronavirus.

The company is preparing to adjust the group’s expenses in such a way as to allow it to return to the profitability ratios that characterized the previous quarters, while at the same time continuing the accelerated activity to boost different business areas.

The company continues to strengthen the core activity of the chain’s offices and drive its growth strategy, mainly the online activity, the Be network, the Shufersal Business activity, Shufersal Finance, the customer club, the brand of distribution and more. Through them, the company works to improve its value proposition for the Israeli consumer while promoting innovation and differentiation in the market in which it operates.”

Logo:

SOURCE Shufersal

rt



Source link

You May Also Like

About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!