Harel Wiesel strikes again: these are the profits of retailers

by time news

Harel Wiesel Fox (Photo by Dima Tliansky)

Harel Wiesel strikes again, the profits of Retailers – the franchise arm of the group breaks its own records and all this when the Israelis return to the shopping centers whose undisputed continuation is Harel Wiesel with its variety of brands and stores.

Retailers was issued this year and was one of the most attractive issues of the year, but the most important thing, probably for investments aimed at the medium and long term, sales and profits should close the gap between them and the company’s market value, and Harel Wiesel knows how to provide.

Retailers, part of the Fox Group (55.74%), which holds franchises for Potlocker and the Nike chain of stores in Israel, Canada and Europe, achieved quarterly revenues of NIS 341.6 million, which were 61% higher than revenues in the corresponding quarter last year.

Gross profit in the third quarter this year increased by 64.6% compared to the corresponding quarter last year and amounted to NIS 175.2 million. The rate of gross profit from revenues was approximately 51.3%, compared with approximately 50.2% in the corresponding quarter last year. Operating profit in the third quarter amounted to NIS 49.3 million (14.4% of revenues), compared with NIS 32 million (15.1% of revenues) in the corresponding quarter last year, an increase of 54.3%.

The increase in operating profit in the third quarter, compared to the corresponding quarter last year, is mainly attributed to the improvement in Nike’s results, which were offset by an increase in selling expenses in Pot Locker due to an increase in trading areas, partly due to European activity (fourth quarter 2020).

Net income in the third quarter of 2021 increased by approximately 49.3% and amounted to approximately NIS 32 million, compared with approximately NIS 21.4 million in the corresponding quarter last year.

Dubi Schneidman, CEO of Retailers, said: “We are continuing the company’s growth and expansion strategy, both in Israel and abroad. During 2021 we expanded our operations abroad, entered the countries of Norway and Sweden, and acquired 5 local Nike franchisee stores in the territories. News Hungary, Czech Republic, Slovakia, in parallel with the opening of new stores in Europe.

“As part of the company’s strategy to expand its brand portfolio, the company reported on negotiations in connection with an energy deal operating in the field of importing and marketing sports and fitness equipment for home use and professional gyms as well as negotiations for the Converse brand’s representation rights in Israel.”

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