TEL AVIV, Israel, November 16, 2011 /PRNewswire/ --
OPERATING PROFITS AND MARGINS ERODED FOLLOWING THE CONTINUED INCREASE IN RAW MATERIAL AND INPUT COSTS, AND INVESTMENTS IN GLOBAL EXPANSION;
STRAUSS GROUP SALES TOTAL NIS 5.6 B, UP 11.5%, SALES GROWTH IS EVIDENT IN ALL ACTIVITIES AND ALL GEOGRAPHIES.
Strauss Group (STRS.TA) today reported its results for the third quarter and first nine month of 2011.Ofra Strauss, Chairperson of Strauss Group, said today: "Strauss continued with its strategic plans of international expansion, while emphasizing the adjustments necessary in Israel as a result of public dialogue and the social protest that has erupted over the high cost of living in the country. While investing in international markets and the company's growth engine, Strauss continues to review all work plans to provide appropriate solutions to the new reality." Gadi Lesin, President & CEO of Strauss Group, said today: "Strauss Group reports Third Quarter results with a 13.8% growth in sales, with growth evident in all activities and geographies. In Israel, the Group home base, we continue to grow in volume and value with continued investment in innovation." "While Group sales experienced growth, operating income and profitability eroded due to the increase in raw material, input costs and energy prices. Net profit increased by 7% following the decrease in finance expenses. The Group continues to invest in developing its international activities, emphasizing investment in water and refrigerated dips and spreads through strategic international partnerships." Third Quarter Financial Highlights  :
- Sales totaled NIS 2.0 billion ( NIS 1.8 billion last year), up 13.8%; Organic sales growth net of exchange rates effect totaled 12.2%.
- Gross profit totaled NIS 688 million (34.1% of sales), compared to NIS 642 million last year (36.3% of sales), up 7.3%.
- Operating profit totaled NIS 139 million (6.9% of sales), compared to NIS 161 million last year (9.1% of sales), down 13.6%.
- Net profit to shareholders totaled NIS 61 million, compared to NIS 54 million last year, up 13.7%.
- Sales totaled NIS 5.6 billion ( NIS 5.0 billion last year), up 11.5%; Organic sales growth net of exchange rates effect totaled 10.2%.
- Gross profit totaled NIS 2.0 billion (35.8% of sales), compared to NIS 1.9 billion last year (38.5% of sales), up 4.0%.
- Operating profit totaled NIS 418 million (7.4% of sales), compared to NIS 479 million last year (9.5% of sales), down 12.7%.
- Net profit to shareholders totaled NIS 170 million, compared to NIS 209 million last year, down 18.7%.
Nine Month Third Quarter 2011 2010 % Chg 2011 2010 % Chg Sales 5,629 5,047 11.5 2,015 1,771 13.8 Gross Profit 2,017 1,941 4.0 688 642 7.3 Operating Profit (1) 418 479 (12.7) 139 161 (13.6) Profit for the Period 237 286 (17.0) 86 81 7.9 Net Profit (2) 170 209 (18.7) 61 54 13.7(1) Before other income (expenses)
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV