Golf: a loss of NIS 14.7 million in the first quarter
Posted on May 27, 2019 by Ifi Reporter - Dan Bielski
The crisis in the fashion industry does not skip the golf company. The company's financial statements reveal weak data in which all sectors recorded an operating loss.
In the first quarter of 2018, golf revenues fell 11.8% from the first quarter of 2018 to NIS 194.8 million in the first quarter of 2019. Revenues from the clothing sector fell by 7.2%, and revenues from the home clothing sector fell 23.1%.
Gross profit decreased from NIS 137.1 million in the first quarter last year to NIS 115.5 million in the first quarter of 2019. Gross margin eroded to 59.3% in the first quarter.
Golf recorded an operating loss of NIS 8.6 million, compared to NIS 10.6 million in the first quarter of 2018. Without the positive contribution of IFRS16 to the operating segment, Golf's loss was NIS 12.8 million in the quarter.
Bottom line, the company posted a loss of NIS 14.7 million in the first quarter, compared with a profit of NIS 6.7 million in the first quarter last year.
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