Not so sweet, first quarter Elite - TheStreet

Elite Industries, the leading food and confectionery maker, saw its sales drop 7% in the first quarter, including a 9% fall in domestic revenues to NIS 342 million. Elite's results published yesterday showed operating profits still on a downward trend, although president Erez Vigodman and CEO Giyora Bar-Dea reported the company had achieved its quarterly plans. The drop in revenues was attributed to the 2.4% inflation rate in the first quarter, eroding rising sales, which quantitatively rose 6%, and customer credit. The company also cited the sale of its 'Rega Matok' retail stores at the end of last year, and the security situation which hurt impulse buying.