Retalix, an Israeli manufacturer of software solutions for the food retail industry, announced this week it expects its fourth quarter revenues to exceed US$22m, up 40% compared with the corresponding period in 2001.
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The fourth quarter results are 6% higher than earlier estimates and up 8% on the preceding quarter. A report in Haaretz notes that Retalix expects its revenues and profits to continue to grow in 2003. The company expects its 2002 revenues to reach $75.9m, up 28% from the previous year, “which means earnings of $0.46 per share.”
Most of Retalix’ growth is on the US market. In 2002, the company increased its operations in the USA through a joint venture with the Japanese Fujitsu, offering independent food retailers an integrated solution with Fujitsu hardware and Retalix software. “The joint venture is going into high gear. Retalix has become a dominant force on the U.S. market,” Retalix CFO Danny Moshaioff claims, commenting that 90% of Retalix sales are abroad.
He added that Retalix has “the right product at the right time and our market is hurting less than others,” noting that during a recession, when people go less to restaurants, “food retailers see an increased demand.”
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