Harel Wiesel bombs: NIS 1.2 billion in revenue for the quarter

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Harel Wiesel (Photo by Dima Tliansky and Nati Shochat Flash 90)

Harel Wiesel Establishes its status as the largest and most profitable fashion retailer in Israel. The year 2021 is without a doubt the year of the fashion retailer, but Wiesel leads this list with quarterly sales of almost NIS 1.2 billion, and these are impressive sales by any standard.

The Fox Group reported its financial results for the third quarter of the year, which show that the group’s revenues amounted to NIS 1.2 billion, an increase of 35.7% compared to the same period last year.

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Data on identical store sales (during periods when stores were fully open) excluding closing periods increased in 2021 compared to the same period in 2019 in the fashion and home fashion sector by 12.3%, the atmosphere and grooming sector by 15.6% and in the sports sector by 36.4%.

The Group’s quarterly gross profit amounted to NIS 657.6 million, which constitutes approximately 57.9% of sales, compared with a gross profit of NIS 445.2 million, which constitutes approximately 56.6% of sales in the corresponding period last year, an increase of approximately NIS 212.3 million.

Fox says that the improvement in gross profit was due to a decrease in procurement costs due to the weakening of the average exchange rate of the dollar against the shekel, offset by an increase in maritime transportation costs from the Far East.

Operating profit in the third quarter of the year amounted to NIS 133.8 million and constitutes approximately 11.8% of sales, compared with operating profit of NIS 75.8 million last year, which accounted for approximately 9.6% of sales.

The increase in operating profit in the third quarter is mainly due to the increase in sales in the same stores and the increase in the gross profit margin. The net profit in the third quarter of the year amounted to NIS 87.4 million, compared with a net profit of NIS 54.1 million last year.

Harel Wiesel said with the publication of the financial statements that “the Fox Group is ending another quarter with growth in revenues and profits in all operating segments. The group is active in 20 countries with 20 brands and will continue to implement the expansion strategy abroad.

“In July of this year, we completed a successful IPO of the subsidiary Terminal X, following a successful IPO of Retailers in May this year. “We are working to open more stores in the coming months. In addition, we have signed an exclusive franchise agreement for the establishment and operation of the Flying Tiger Copenhagen chain of stores in Israel, with the first store opening at the beginning of the first quarter.” .

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