Retailers reports for the third quarter, the company traded at a value of NIS 4 billion presents lukewarm reports which are explained by amazing increases of 50% or more which reflect the exit of Israel Locksmith and are not particularly impressive to the group that holds the Nike and Potlocker franchises in the country.
The company’s revenues in the third quarter increased by approximately 61% compared with the corresponding quarter last year and amounted to approximately NIS 341.6 million.
The increase in sales turnover in the third quarter, compared to the corresponding quarter last year, is due to an increase in sales in all segments: Nike, Pot Locker and Dream Sports, both as a result of an increase in the number of stores. Revenues for the first nine months of the year amounted to approximately NIS 755.5 million. Gross profit in the third quarter of this year increased by approximately 64.6% compared with the corresponding quarter last year and amounted to approximately NIS 175.2 million. The gross profit for the first nine months of the year amounted to approximately NIS 377.6 million.
Operating profit in the third quarter amounted to NIS 49.3 million, compared with NIS 32 million in the corresponding quarter last year, an increase of 54.3%. Operating profit for the first nine months of the year amounted to NIS 86.6 million. In the neutralization of the IFRS16 accounting standard, the operating profit amounted to NIS 45.9 million, compared with NIS 30.1 million in the corresponding quarter last year. The increase in the operating profit in the third quarter, compared with the corresponding quarter last year, Mainly due to an 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 operations in Europe.
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. Earnings per share decreased from 0.65 to 0.61 and even decreased at the level of the nine months.