Shufersal: Operating profit in Q3 increased to NIS 186 million - Online share decreased to 18%

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by Ifi Reporter Category:Financial Nov 29, 2021

Shufersal has undergone an impressive process in recent years. From another food retailer, she acquired the Pharm Be chain and set her foot deep into the world of pharm. It has invested quite a bit of money (and organizational management time) in its customer club and collaborations and so on and the development of the delivery and purchasing system on its website.
Shufersal's impressive deployment in these segments has made it a network with the greatest potential in the world-changing before our eyes, but here's a series of affairs that angered consumers and re-shuffled the cards in the food retail sector, all yet to be seen in reports, but certainly seen This is stated in the first quarter reports of 2022.

Operating profit in the third quarter increased to NIS 186 million and its share of revenues amounted to 4.9%, compared with 4.6% in the corresponding quarter last year. In the Be segment, revenues increased by 25.5% in the last quarter compared with the corresponding quarter last year and amounted to NIS 270 million. Sales in the same branches in the Be chain increased by about 15.9% compared to the same period last year. Operating profit in the third quarter amounted to NIS 3 million, compared with an operating loss of NIS 5 million in the corresponding period last year.
Another positive figure is the private label sales share, which has remained stable at 26%. The server's online sales share decreased to 18% of all its retail sales, compared to 20% in the corresponding quarter.
The Group's total revenue in the third quarter amounted to NIS 3.8 billion, compared with NIS 3.9 billion last year, a decrease of 3.6%, mainly attributed to the weakening effect of the corona crisis in the food retail sector.
Sales in the same branches (food retailing: sales floor and online) decreased by about 4% in the first nine months of the year and by about 6.2% in the third quarter, compared to the same periods last year with the economy returning to routine (in the shadow of the corona).
The chain's gross profit in the third quarter amounted to NIS 1 billion, which constitutes approximately 27% of total revenues unchanged compared with the corresponding quarter last year. The network says that the increase in the gross profit margin is mainly due to an improvement in terms of trade and operational efficiencies.
As stated, operating profit in the third quarter amounted to NIS 186 million, which constitutes approximately 4.9% of total revenues, compared with NIS 180 million, which constituted approximately 4.6% of revenues in the corresponding period last year.
Net income in the third quarter amounted to NIS 82 million, which constitutes about 2.2% of revenues in the quarter, compared with NIS 97 million, which constituted about 2.5% of revenues in the corresponding quarter last year. The decrease in net profit in the quarter is mainly due to the cancellation of a provision of NIS 10 million in the corresponding period last year in respect of a property that the company leases in Netanya, an increase in financing expenses and the start of PayBox digital wallet operations.

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