Fox: Revenue: NIS 1.2 billion, net profit: NIS 128 million

The fashion group recorded a strong second quarter with revenues of NIS 1.2 billion and a net profit of NIS 128 million.

Harel Wiesel: "We are continuing to implement our growth strategy in Israel and abroad." Will distribute a dividend of NIS 73 million

Walla!

Of money

08/23/2022

Tuesday, August 23, 2022, 2:01 p.m. Updated: 2:28 p.m.

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Opening stores after one of the corona closures last year.

The group has long exceeded the income of the previous years, including the period before the outbreak of the epidemic (Photo: Reuven Castro)

Fox (FOX) today publishes the results of the second quarter of 2022, from which record revenues (for the second quarter) of over 1.2 billion shekels rise: the group's revenues in the second quarter of 2022 (from the segmental reporting based on 100% of the activity and before adjustments) amounted to approximately 1,247.2 NIS million, an increase of about 21.4% compared to the corresponding period last year.

and an increase of about 46.2% compared to the corresponding period in 2019.

The increase in sales compared to the corresponding period in 2021 is mainly due to an increase in trading areas, an increase in sales of identity stores and the timing of Passover, which fell in March last year, offsetting increased sales last year in the period after exiting the lockdown.

Same store sales data increased in the second quarter of 2022 compared to the same period in 2019 in the fashion and home fashion sector by approximately 2.3%, the atmosphere and care sector by approximately 11.6% and in the sports sector by approximately 30.0%.

The gross profit in the second quarter of 2022 amounted to about NIS 744.8 million, which is about 62.1% of sales compared to last year's gross profit of about 623.1 million NIS, which is about 62.6% of sales, an increase of about NIS 121.7 million.

The increase in gross profit was mainly due to the increase in sales as explained above.

The decrease in the gross profit rate is mainly due to an increase in the rate of discounts for customers in the chain of stores.

The operating profit in the second quarter of 2022 amounted to approximately NIS 159.8 million and constitutes approximately 13.3% of sales compared to last year's operating profit of approximately NIS 172.9 million, which constitutes approximately 17.4% of sales;

And compared to an operating profit of approximately NIS 84.5 million in the second quarter of 2019, which is 13.1% of sales.

The operating profit in the second quarter of 2022 excluding IFRS 16 amounted to approximately 146.4 million NIS and constitutes approximately 12.2% of sales, compared to an operating profit of approximately 160.4 million NIS which constitutes approximately 16.1% of sales in the corresponding period last year, a decrease of approximately -14.0 million NIS and compared to operating profit in the second quarter of 2019 in the amount of about 77.4 million NIS, which is about 11.9% of the sales increase of about 69.0 million NIS.

The decrease in the rate of operating profit compared to last year, stems from the reason that last year with the exit Since the lockdown, significantly higher sales were recorded and because most of the operating expenses are fixed, the operating profit rates were relatively high and also due to the decrease in the gross profit rate.

The net profit in the second quarter of the year 2022 amounted to about 128.1 million NIS compared to the net profit in the last year's quarter in the amount of about 114.7 million NIS; and the net profit in the second quarter of 2019 in the amount of about 58.1 million NIS.

The net profit in the second quarter of 2022, excluding IFRS 16, amounted to approximately 128.9 million shekels, representing approximately 10.8% of sales.

Compared to last year's net profit, it amounted to about NIS 115.1 million, which is about 11.6% of sales, an increase of about NIS 13.8 million.

The company announced the distribution of a dividend in the amount of approximately NIS 73 million, which is 75% of the profits for the first half of 2022.

FOX chairman, Harel Wiesel. The dividend that will be distributed at Fox this year will no longer arouse criticism (Photo: Dima Taliansky)

FOX Chairman, Harel Wiesel

: "The Fox Group is finishing another strong quarter with record revenues of over NIS 1.2 billion and a net profit of approximately NIS 128 million.

We continue to implement our growth strategy in Israel and abroad. We recently signed agreements with the Luxottica company to establish the Sunglass Hut sunglasses chain in Israel and we expect to open the first stores soon. Abroad, alongside the continued development of the sports brands, we continue to expand with several other brands Among them: Mango, Fox Home and American Eagle."

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