Harel Wiesel closes a dream year: the net profit of the FOX group has almost doubled (photo: Dima Taliansky)
Fox Weasel Ltd. publishes its results for 2022. Revenues in 2022, in the aggregate, crossed the NIS 5 billion mark. The net profit was about NIS 282 million, a decrease compared to 2021, which the group explains by the cessation of the effect of the release from the Corona restrictions on sales.
Highlights of the report:
Record revenues in 2022.
Aggregate revenues crossed the NIS 5 billion mark.
The group's revenues for the year 2022 (from the sectoral reporting based on 100% of the activity and before adjustments) amounted to approximately NIS 5,060.5 million, an increase of approximately 16.5% compared to the corresponding period last year.
and an increase of about 54.6% 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.
Same store sales data increased in 2022 compared to the same period in 2019 in the fashion and home fashion sector by approximately 4.7%, the atmosphere and care sector by approximately 14.1% and in the sports sector by approximately 34.0%.
The gross profit of the year 2022 amounted to approximately NIS 2,793.7 million, which is approximately 57.7% of sales compared to last year's gross profit of approximately NIS 2,467.1 million, which is approximately 58.7% of sales, an increase of approximately NIS 326.6 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 and a change in the sales mix.
Despite this, the chain's operating profit as a percentage of revenues decreased: the operating profit for the year 2022 amounted to approximately NIS 426.6 million and is approximately 8.8% of sales compared to last year's operating profit of approximately NIS 561.7 million, which is approximately 13.4% of sales;
And compared to an operating profit of about NIS 349.5 million in 2019, which is about 12.6% of sales.
The operating profit for the year 2022 excluding IFRS 16 amounted to approximately NIS 368.9 million and constitutes
approximately 7.6% of sales, compared to last year's operating profit of approximately NIS 518.3 million which is
About 12.3% of sales in the corresponding period last year, a decrease of about NIS 149.4 million and compared to operating profit without IFRS16 and restatements in 2019 in the amount of about NIS 215.5 million, which is about 7.8% of sales, an increase of about NIS 153.4 million.
The company stated that the decrease in the operating profit rate is mainly due to increased sales in the same period last year after the end of the lockdown and savings in operating expenses while the stores were closed.
The net profit for the year 2022 excluding IFRS 16 standard amounted to approximately NIS 282.0 million, which is approximately 5.8% of sales, compared to last year's net profit, excluding IFRS 16 standard and revaluations, which amounted to approximately NIS 380.2 million, which is approximately 9.1% of sales, a decrease of approximately NIS 98.2 million,
the net profit for the year 2022 amounted to approximately NIS 276.9 million compared to the net profit in the corresponding period last year in the amount of approximately NIS 364.3 million; and the net profit in 2019 in the amount of approximately NIS 241.1 million.
One-time revaluation effect: During the first quarter of 2021, financing expenses were recorded for the revaluation of Leumi Partners' option to purchase approximately 10% of the shares of Retailers.
During the third quarter of 2019, revenue was recorded from revaluation of subsidiaries Billabong, Yanga and American Eagle.
Harel Wiesel CEO and owner of the Fox Group:
"In the fourth quarter we are presenting record revenues of over NIS 1.4 billion.
The group proves its strength even in the year after the corona virus, we continue to operate with full vigor in a competitive and challenging environment to continue developing the group's business in Israel and around the world.
At the beginning of the year we opened the first stores of the Sunglass Hut international chain and so far 12 stores have been opened in Israel.
We opened the first Jumbo Greece store in Eilat last week.
The entry of Jumbo Greece into Israel is a breakthrough and a significant growth engine for the group.
Abroad, beyond the development of the sports brands, we have opened 3 Ari stores from American Eagle in the Netherlands and in Canada, in addition to the Lalin stores and 3 Mango stores that have been opened so far, we are working to open more Mango stores as well as the launch of the Fox Home chain. The group has a stable and strong infrastructure and financial
strength And we will continue to expand and grow in Israel and around the world."