Israel food importer G. Willi-Food posted a fourth-quarter net loss of ILS7.5m (US$2m) yesterday (12 March), despite a 35% increase in sales.
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Sales for the fourth quarter increased by 34.8% to NIS84.6m. Willi-Food’s organic growth in its home market of Israel was very slow in the fourth quarter, and most of the sales increase resulted from the recent consolidation of the revenues of the two subsidiaries – Shamir Salads and the Danish dairy distributor.
The importer and supplier of kosher foods saw an operating loss for the fourth quarter decrease by 25.9% to NIS6.7m.
Zwi Williger, president and COO of Willi-Food, said the results were affected by the “sharp decrease in global purchase prices, the depreciation of the NIS versus the US dollar, the continued environment of uncertainty in the global financial markets, and the recession” that has begun in its home market.
“We believe that Willi-Food’s results in 2009 will be affected by the economic situation and significant recession that has affected our customers and the global markets,” Williger said.
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By GlobalDataNet loss related to company shareholders in 2008 was NIS0.8m compared to net income of NIS2.3m in 2007.
Willi-Food’s sales for fiscal 2008 increased by 39.9% to NIS349.2m.
Williger said the company’s “foreseeable challenges ahead” will be in managing expenses and the cost of its products in order to accommodate consumers’ need for lower cost products.
