Hamashbir: Sales in the second quarter grew by 83% to NIS 220 million

Hamashbir reports good but exceptional reports for the quarter, but it is not certain that the results for the quarter justify the value at which the company is traded (NIS 314.7 million).
Sales in the second quarter grew by 83% to NIS 220 million, operating profit amounted to NIS 26.5 million, an increase of 28% compared to the corresponding quarter last year. Net income amounted to NIS 10.1 million, compared with NIS 6.5 million in the corresponding quarter last year. Also in the subsidiary, Hamashbir Latzarhan Department Stores, which operates the "MASHBIR" department store chain, the trend is the same and there has been growth in all parameters.
"All fashion chains will post better or worse reports but for sure, everyone will post reasonable reports." Said Rami Shavit, CEO of the company in an interview with BizPortal. We did not receive an exemption from property taxes at the same time, we only received recognition now, but only for two months, our property tax expenses amount to NIS 2.5 million a month. "