Earnings, sales trends improve in Q3

Earnings, sales trends improve in Q3

Strauss Group booked higher sales and operating profit during the third quarter after a challenging first half.

The Israeli dips and spreads maker said today (26 November) third-quarter sales rose 4.8% to NIS2.1bn (US$543.5m). Third-quarter growth offset top-line softness in the first half and meant the firm's year-to-date sales were down just 0.1%.

Likewise, the group's operating profit improved in the third quarter, rising 6,8% to NIS227m. As a result, nine-month operating profit was down just 1.2% on the year to NIS603m. The company attributed the rebound to an improved performance from its coffee business in Israel.

Meanwhile, lower financing and tax costs lifted net profit in the three-month period. Third-quarter income rose to NIS158m, up 41%. For the nine months, net income grew 9.7% to NIS379, Strauss revealed.

Click here to view the announcement.