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News Breaks
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November 28, 2011
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| 06:16 EDT |  | WILC |
| theflyonthewall.com: | G. Willi-Food expects Q4/Q1 net income to be significantly lower vs. year-ago | | Chairman Zwi Williger commented, "Looking forward, we are facing a significant increase in the level of uncertainty in the global economy. In Israel, economic uncertainty is coupled with changes in the Israeli market that we expect will negatively affect our results in the remainder of 2011 and the beginning of 2012. On the other hand, our top line growth reflected the synergies we have created to channel the broad range of products coming from our own sourcing and that of our subsidiaries. We expect this growth to cease in the remainder of 2011 due to the global and Israeli economic situations, which we expect will affect our customer base, both in the retail and wholesale markets, in Israel and abroad. We therefore expect net income for Q4 of 2011 and Q1 of 2012 to be significantly lower compared to comparable prior quarters. Nevertheless, this period of economic uncertainty presents an opportunity for Willi-Food to utilize its cash on hand to purchase synergetic companies at lower prices than before. We continue looking for opportunities to create additional value for our shareholders." :theflyonthewall.com |
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