Network Tiv Ta’am Concludes the first quarter of the year with a 7.5% decrease in revenues, which amounted to NIS 370 million, compared with NIS 400 million in the corresponding quarter last year. Net profit decreased by 33% to NIS 11.6 million, compared to NIS 17.4 million in the first quarter of 2021. The company will distribute a quarterly dividend of NIS 3.5 million, which will be paid in June.
2021 began with a closure of almost two months and a continuation of restrictions on public life, which positively affected the results of food chains and retailers that year, and the company explains that alongside the decline in the positive impact of the corona plague and closures also had a big impact on Passover. The previous year was celebrated in March.
Revenue and average revenue per square meter in identical stores in the first quarter decreased by 13.4% and 13%, respectively, compared with the first quarter last year. However, compared to the first quarter of 2020, revenue per square meter increased by 4.1% and 4.2%, respectively.
The customer club has grown by about 30% compared to the first quarter of 2021, and has about 442,000 members compared to about 340,000 customers as of the end of March last year. A new branch was recently opened in Tel Aviv, and the chain has 43 branches that it operates throughout the country. In detailing the growth strategy, the chain details a plan to open 10 new branches by the end of 2023, strengthen the customer club and upgrade the online site and the availability of deliveries for seven days a week.
“We conclude a quarter that was affected by seasonality, the Passover date and particularly strong performance in the corresponding quarter due to the impact of the Corona virus,” he said. Peace holidaysThe CEO and controlling shareholder. We continue to act in accordance with the strategic plan. The company will continue to expand and later this year it will open 5 more branches. In addition, we continue to strengthen the customer club, which grew by about 30% compared to the corresponding quarter and amounted to about 442,000 members.
“The manufacturing sector continues to grow and form a strong footing in the company’s expansion in the coming years. Our focus on the profitable categories is also reflected in this quarter and we are working to maintain the growth trend and establish its position as a leading, quality and unique company.”
Tiv Ta’am It is the largest chain in Israel in the non-kosher field, hence it is open in all its branches even during the weekend. The company was founded in 1990 and has about 1,700 employees. It is traded on the Tel Aviv Stock Exchange at a value of NIS 823 million.