Fox Group ended Q3 with increase of 44% in it's revenues to NIS 1.1 billion

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by Ifi Reporter Category:Financial Nov 28, 2021

The Fox Group ended the third quarter of 2021 with an increase in revenue and earnings. The opening of new stores, the timing of the Tishrei holidays and the consolidation of Lalin results starting in the fourth quarter of 2020, helped increase the group's revenues, which grew by 44% to NIS 1.1 billion.
Fox also showed growth in identical store sales, and its sales were also positively impacted against the background of a slowdown in sales in the corresponding quarter of 2020, when stores were closed from September to December.
The fashion and home fashion segment, which includes the brands Fox, Fox Home, American Eagle, Mango and De Childrens Place, strengthened and its sales increased by 24% to NIS 491 million, and operating profit in the segment increased by 78.8% to NIS 46.5 million.
Lynn sales rose 22% in the quarter to NIS 71 million, due to the opening of eight new stores compared to the corresponding quarter, the timing of the Tishrei holidays and the slowdown in sales in the corresponding quarter last year. Operating profit from operations increased by 22.6% to NIS 17.3 million, despite the fact that in the corresponding quarter the company reduced most of its operating expenses due to the closure.
In the current quarter, the group's sports activities expanded with 36 new stores compared to the corresponding quarter, and it currently operates 132 Pot Locker, Nike and Dream Sports stores in Israel, Canada and Europe.
The opening of the new stores, most of them in Europe, contributed to a 65% increase in revenues from sports activities and amounted to NIS 350 million. Operating profit in the segment increased by 15% but its share of sales decreased by 1.2% to 13.8%.
The group's gross profit margin grew by 1.3% to 57.9%. Operating profit jumped by 76.6% and amounted to NIS 134 million, and its share of sales rose by 2.2% to 11.8%.
Fox's sales and marketing expenses also grew by 39% due to the merger of Lalin Atmosphere Products Company, the opening of new retail space, and a reduction in operating expenses in the quarter in which the stores were closed, amounting to NIS 505 million.
The group recognized a decrease in property tax expenses in the amount of NIS 9 million, after last June the government also approved property tax assistance for large businesses whose turnover is over NIS 400 million a year. In addition, Retailers and Lalin recognized in Europe and Canada a decrease in sales and marketing expenses of NIS 12 million for assistance provided by the countries in workers' wages, loss of income and one-time expenses.
On the bottom line, Fox ended the quarter with a 61.5% increase in net profit of NIS 87 million.

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