Fox group Reports 2023 Financial Results: profit reaching approximately NIS 371.4 million

Fox Group has released its financial results for the fourth quarter and full year of 2023, showcasing resilience and growth amidst challenging circumstances. The company's CEO, Harel Wiesel, expressed pride in the group's performance, highlighting strategic management and adaptability as key factors in achieving success.

In the fourth quarter of 2023, the group reported revenues of approximately NIS 1.48 billion, marking a 2.7% increase compared to the same period in the previous year. This growth was attributed to an expansion in trading areas, which offset a decrease in same-store sales resulting from the impact of the Iron Swords War.

Despite challenges in certain sectors, such as fashion and sports, where same-store sales experienced declines, the group's gross profit for the quarter reached about NIS 810 million, representing 56% of sales. Additionally, operating profit increased to approximately NIS 172.2 million, reflecting effective cost management strategies.

For the full year 2023, Fox Group reported revenues of approximately NIS 5.54 billion, marking a notable increase of 10.7% compared to the previous year. This growth underscores the group's ability to navigate changing market conditions and capitalize on opportunities for expansion.

While same-store sales in 2023 showed declines in certain sectors, the group's gross profit for the year amounted to about NIS 2.97 billion, with operating profit reaching approximately NIS 371.4 million. Despite challenges, Fox Group's net profit for the year stood at approximately NIS 208.6 million.

CEO Harel Wiesel emphasized the significance of the group's achievements in a challenging year, citing effective management strategies and a focus on both short-term adaptability and long-term growth initiatives. Looking ahead, the company remains committed to exploring new business opportunities, expanding its presence internationally, and collaborating with diverse brands and partners.

In summary, Fox Group's 2023 financial results reflect resilience, strategic management, and a commitment to growth amidst evolving market dynamics.