Yohannoff soared in revenue, how many branches are planned to be set up?

Eitan Yohannoff (Photo by Geva Talmore)

Yohannoff, which operates a nationwide supermarket chain, reports results for the fourth quarter and 2021. Revenues reported in 2021 amounted to NIS 3.49 billion, compared with NIS 3.12 billion in 2020. The increase in the period is due to sales in new stores that opened at NIS 422 million. Cheap stock sales, which were first consolidated in April 2021, in the amount of NIS 72 million offsetting a decrease in identical store sales in the amount of NIS 80 million and in a decrease offset due to an increase in consignment arrangements in the amount of NIS 49 million.

Revenues reported in the fourth quarter amounted to NIS 907.7 million, compared with NIS 842.8 million in the corresponding quarter. The increase in the quarter is mainly due to sales in new stores opened starting in the fourth quarter of 2020 in the amount of NIS 132 million and also to Cheap Stock, which was first consolidated in April 2021, in the amount of NIS 26 million, offset by a decrease in identical store sales of 87 NIS million and offsetting a decrease due to an increase in consignment arrangements. The decrease is mainly due to high redemptions in the corresponding quarter last year which were due to the Corona restrictions.

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Revenues in 2021 amounted to NIS 3.72 billion, compared with NIS 3.3 billion last year, an increase of 12.6%. Revenues in the fourth quarter amounted to NIS 967.2 million, compared with NIS 895.7 million in the corresponding quarter last year, an increase of 8%. Identity store sales decreased by 2.5% in 2021 compared to 2020 and by 9.8% in the fourth quarter compared to the corresponding quarter which included the effect of the restrictions imposed on the economy due to the corona epidemic.

Gross profit in 2021 amounted to NIS 942 million (approximately 25.3% of revenues), an increase of approximately 13.2% compared to approximately NIS 831 million (approximately 25.2% of revenues 1) in 2020. Gross profit in the fourth quarter amounted to NIS 247 million (rate of 25.5% of revenues), an increase of 4.2% compared to gross profit of NIS 237 million (rate of 26.5% of revenues) in the corresponding quarter in 2020. Main The decrease in the rate of gross profit in the quarter is mainly due to the timing of the Tishrei holidays as well as high redemptions in the corresponding quarter last year, which were due to the corona restrictions.

Operating profit before other income (expenses) in 2021 amounted to NIS 227.4 million (rate of about 6.1% of revenues), compared with operating profit of NIS 210.8 million (rate of about 6.4% of revenues) in 2020. Operating profit before other income (expenses) in the fourth quarter amounted to NIS 50.3 million (rate of 5.2% of revenues) compared with operating profit of NIS 75.6 million (rate of 8.4% of revenues 1) in the corresponding quarter.

Profit for the period amounted to NIS 219 million in 2021, compared with NIS 136 million in 2020. Profit for the period amounted to NIS 61 million in the fourth quarter, compared with NIS 63 million in the corresponding quarter. The profit for the period, excluding the revaluation of the investment in A2Z (net tax), amounted to NIS 181.2 million in 2021 and NIS 45.4 million in the fourth quarter. The net cash balance as of December 31, 2021 amounted to NIS 406 million. Equity amounted to NIS 1.349 billion, which is about 40.3% of the total balance sheet.

Upon approval of the reports, the company’s board of directors approved a dividend of NIS 100 million to its shareholders in the coming weeks. During the year, the chain launched a private and unique brand in the fields of toiletries and food, which is characterized by a variety of quality products at competitive prices. Private label sales reached a 28% share in the activity categories (as of launch date).

During the past year, the company has opened 8 new stores – in Afula, Kiryat Shmona, Tiberias, Hadera, Tel Aviv, Beer Sheva, Rishon Lezion and Ashdot Yaakov. The company plans to open 9 additional sales stores, which are in the planning stages or construction phase by the company: rental stores in Gedera, Ashkelon, Rishon Lezion, Gedera and Jerusalem, as well as additional sales properties on real estate owned by the company in Yavne, Mishor Adumim, Ofakim, Petah Tikva, Afula And in Yehud.

Eitan Yohananoff, CEO and owner of the Yohananoff chain, said: “In 2021, we continued the chain’s growth trend, which resulted, among other things, from opening new branches, acquiring cheap stock, investing in technology companies and purchasing land reserves for commercial construction. In the fourth quarter of the year, we launched a variety of products sold under the chain’s private label, which captured an average market share of approximately 28% of the active categories. In addition, we are starting to open cheap stock departments in the branches of the Yochananoff chain, which will provide a solution for the chain’s customers also when it comes to home products. “

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