Max Stock Limited Reports Second Quarter and First Half 2024 Financial Results
Max Stock (TASE: MAXO) reported strong financial results for Q2 and H1 2024. Q2 revenue increased 25.4% to ILS 316.9 million, with comparable store sales up 14.5%. H1 revenue grew 18.3% to ILS 630.1 million, with comparable store sales up 8.9%. The company's position as Israel's premier extreme value retailer resonated with consumers, driving significant growth.
Key Q2 highlights include:
- Gross margin improved 50 basis points to 41.7%
- GAAP net income (attributable to shareholders) increased 55.4% to ILS 25.8 million
- Adjusted EBITDA rose 48.9% to ILS 44.8 million
The company expanded its selling space by approximately 13% over the past 12 months, adding almost 8,000 net square meters. Max Stock's strong performance was attributed to increased store traffic, improved procurement terms, and significant operating leverage.
Max Stock (TASE: MAXO) ha riportato risultati finanziari solidi per il secondo trimestre e per il primo semestre del 2024. Le entrate del Q2 sono aumentate del 25,4% a 316,9 milioni di ILS, con vendite comparabili in crescita del 14,5%. Le entrate del H1 sono cresciute del 18,3% a 630,1 milioni di ILS, con vendite comparabili in aumento dell'8,9%. La posizione dell'azienda come principale rivenditore di valore estremo di Israele è stata ben accolta dai consumatori, guidando una significativa crescita.
Le principali evidenze del Q2 includono:
- Il margine lordo è migliorato di 50 punti base, arrivando al 41,7%
- Il reddito netto GAAP (attribuibile agli azionisti) è aumentato del 55,4%, raggiungendo i 25,8 milioni di ILS
- L'EBITDA rettificato è salito del 48,9% a 44,8 milioni di ILS
L'azienda ha ampliato il suo spazio di vendita di circa il 13% negli ultimi 12 mesi, aggiungendo quasi 8.000 metri quadrati netti. Le solide performance di Max Stock sono state attribuite a un aumento del traffico nei negozi, agli accordi di approvvigionamento migliorati e a un significativo leverage operativo.
Max Stock (TASE: MAXO) reportó sólidos resultados financieros para el segundo trimestre y para el primer semestre de 2024. Los ingresos del Q2 aumentaron un 25.4% a 316.9 millones de ILS, con ventas comparables incrementándose en un 14.5%. Los ingresos del H1 crecieron un 18.3% a 630.1 millones de ILS, con ventas comparables aumentando un 8.9%. La posición de la compañía como el principal minorista de valor extremo en Israel resonó entre los consumidores, impulsando un crecimiento significativo.
Los puntos destacados del Q2 incluyen:
- El margen bruto mejoró 50 puntos base al 41.7%
- El ingreso neto GAAP (atributable a los accionistas) aumentó un 55.4% a 25.8 millones de ILS
- El EBITDA ajustado creció un 48.9% a 44.8 millones de ILS
La compañía amplió su espacio de venta en aproximadamente un 13% durante los últimos 12 meses, añadiendo casi 8,000 metros cuadrados netos. El fuerte desempeño de Max Stock se atribuyó al aumento del tráfico en las tiendas, la mejora en los términos de aprovisionamiento y un significativo apalancamiento operativo.
맥스 스탁(Max Stock) (TASE: MAXO)는 2024년 2분기 및 상반기에 강력한 재무 실적을 보고했습니다. 2분기 매출은 25.4% 증가하여 3억 1,690만 ILS에 달했습니다, 비교 가능한 매장 판매는 14.5% 증가했습니다. 상반기 매출은 18.3% 증가하여 6억 3,010만 ILS에 도달했습니다, 비교 가능한 매장 판매는 8.9% 상승했습니다. 이스라엘의 주요 극한 가치 소매업체로서의 회사의 위치는 소비자에게 긍정적으로 받아들여져 큰 성장을 이끌었습니다.
2분기의 주요 하이라이트는 다음과 같습니다:
- 총 매출 총이익률이 50bp 개선되어 41.7%에 도달했습니다.
- GAAP 순이익(주주에게 귀속)은 55.4% 증가하여 2,580만 ILS에 달했습니다.
- 조정된 EBITDA는 48.9% 증가하여 4,480만 ILS에 도달했습니다.
회사는 지난 12개월 동안 약 13%의 판매 공간을 확장하며 거의 8,000 제곱미터의 순면적을 추가했습니다. 맥스 스탁의 강력한 성과는 매장 방문자 수 증가, 조달 조건 개선 및 상당한 운영 레버리지에 기인합니다.
Max Stock (TASE: MAXO) a publié des résultats financiers solides pour le deuxième trimestre et le premier semestre de 2024. Le chiffre d'affaires du Q2 a augmenté de 25,4 % pour atteindre 316,9 millions de shekels israéliens (ILS), avec des ventes comparables en hausse de 14,5 %. Le chiffre d'affaires du H1 a progressé de 18,3 % pour atteindre 630,1 millions d'ILS, avec des ventes comparables en hausse de 8,9 %. La position de l’entreprise en tant que principal détaillant de valeur extrême en Israël a résonné auprès des consommateurs, entraînant une croissance significative.
Les points clés du Q2 incluent :
- La marge brute s'est améliorée de 50 points de base pour atteindre 41,7 %
- Le bénéfice net conforme aux normes GAAP (attribuable aux actionnaires) a augmenté de 55,4 % pour atteindre 25,8 millions d'ILS
- L'EBITDA ajusté a augmenté de 48,9 % pour atteindre 44,8 millions d'ILS
L'entreprise a élargi son espace de vente d'environ 13 % au cours des 12 derniers mois, ajoutant près de 8 000 mètres carrés nets. La solide performance de Max Stock a été attribuée à l’augmentation du trafic en magasin, à des conditions d’approvisionnement améliorées et à un effet de levier opérationnel significatif.
Max Stock (TASE: MAXO) hat für das zweite Quartal und das erste Halbjahr 2024 starke finanzielle Ergebnisse bekannt gegeben. Der Umsatz im Q2 stieg um 25,4% auf 316,9 Millionen ILS, während die vergleichbaren Filialverkäufe um 14,5% zulegten. Der Umsatz im H1 wuchs um 18,3% auf 630,1 Millionen ILS, mit einem Anstieg der vergleichbaren Filialverkäufe um 8,9%. Die Position des Unternehmens als führender Extremwert-Händler in Israel sprach die Verbraucher an und führte zu einem erheblichen Wachstum.
Wichtige Highlights aus dem Q2 sind:
- Der Bruttogewinn verbesserte sich um 50 Basispunkte auf 41,7%
- Das GAAP-Nettoeinkommen (den Aktionären zugeordnet) stieg um 55,4% auf 25,8 Millionen ILS
- Das bereinigte EBITDA stieg um 48,9% auf 44,8 Millionen ILS
Das Unternehmen hat seinen Verkaufsraum in den letzten 12 Monaten um etwa 13% erweitert und fast 8.000 Netto-Quadratmeter hinzugefügt. Die starke Leistung von Max Stock wird auf einen Anstieg des Kundenverkehrs, verbesserte Beschaffungsbedingungen und erhebliches operatives Hebel zurückgeführt.
- Q2 revenue increased 25.4% to ILS 316.9 million
- Q2 comparable store sales increased 14.5%
- H1 revenue grew 18.3% to ILS 630.1 million
- H1 comparable store sales increased 8.9%
- Q2 gross margin improved 50 basis points to 41.7%
- Q2 GAAP net income (attributable to shareholders) increased 55.4% to ILS 25.8 million
- Q2 Adjusted EBITDA rose 48.9% to ILS 44.8 million
- Selling space expanded by 13% over the past 12 months
- Improved procurement terms and significant operating leverage
- Cash and cash equivalents decreased from ILS 128.9 million at December 31, 2023 to ILS 94.6 million at June 30, 2024
- Inventories increased from ILS 144.6 million at December 31, 2023 to ILS 175.2 million at June 30, 2024
Second Quarter Revenue Increased
First Half Revenue Increased
Second Quarter 2024 Summary
- Revenue increased
25.4% to ILS 316.9 million. - Comparable store sales increased
14.5% . - Gross margin increased 50 basis points to
41.7% . - GAAP Net income (attributable to shareholders) increased
55.4% to ILS 25.8 million. - Adjusted Net income1 (attributable to shareholders) increased
62.2% to ILS 25.8 million. - Adjusted EPS1 (attributable to shareholders) increased
61.4% to ILS 0.18. - Adjusted EBITDA2 increased
48.9% to ILS 44.8 million.
First Half 2024 Summary
- Revenue increased
18.3% to ILS 630.1 million. - Comparable store sales increased
8.9% . - Gross margin increased 70 basis points to
42.0% . - GAAP net income (attributable to shareholders) increased
37.6% to ILS 51.7 million. - Adjusted Net income1 (attributable to shareholders) increased
40.6% to ILS 51.8 million. - Adjusted EPS1 (attributable to shareholders) increased
40.0% to ILS 0.37. - Adjusted EBITDA2 increased
31.3% .
"We delivered a very strong first half with topline growth in the high teens, including a high single digit gain in comparable store sales, and adjusted EBITDA up
Second Quarter Results (2024 compared with 2023)
Revenue increased
Gross profit increased
Selling, general and administrative expenses increased to ILS 88.0 million in the second quarter 2024 from ILS 73.3 million in the second quarter 2023, primarily driven by branch expansion which added incremental expenses related to marketing, salary and the addition of right of use assets. As a percentage of sales, selling, general and administrative expenses decreased approximately 120 basis points to
GAAP net income (attributable to shareholders) increased
Adjusted net income attributable to shareholders increased
Adjusted EPS attributable to shareholders increased
Adjusted EBITDA increased
First Half 2024 Results
Revenue for the first half of 2024 increased
Gross profit increased
Selling, general and administrative expenses increased to ILS 177.7 million in the first half of 2024 from ILS 152.0 million in the first half of 2023. The increase in operating expenses was related to branch expansion which added incremental expenses related to marketing, salary and the addition of right of use assets. As a percentage of sales, selling, general and administrative expenses improved 40 basis-points and were
GAAP net income (attributable to shareholders) increased
Adjusted net income (attributable to shareholders) increased
Adjusted EPS1(attributable to shareholders) increased
Adjusted EBITDA2 increased
Balance Sheet and Cash Flow Highlights
The Company's cash and cash equivalents balance at June 30, 2024 was ILS 94.6 million compared with ILS 128.9 million at December 31, 2023 and ILS 65.2 million at June 30, 2023. The Company ended the second quarter of 2024 with total debt of ILS 19.4 million compared with total debt of ILS 33.0 million at December 31, 2023 and ILS 34.4 million at June 30, 2023.
Inventories at June 30, 2024 were ILS 175.2 million compared with ILS 144.6 million at December 31, 2023 and ILS 156.3 million at June 30, 2023.
Conference Call Information
The Company will host a conference call on August 14, 2024 at 8:00 a.m. Eastern Standard Time to discuss second quarter 2024 results (link). The conference call will also be accessible at https://ir.maxstock.co.il/en/event-en/.There will be a slide presentation that accompanies the call. The slides will be accessible at https://ir.maxstock.co.il/en/presentation-en/. An archived webcast of the conference call will be available at https://ir.maxstock.co.il/en/presentation-en/.
Note: Totals may be slightly impacted by minor rounding differences.
1 As used throughout this release, adjusted Net Income (attributable to shareholders) defined as Net Income + Share-based payment, multiplied by the portion attributable to shareholders. Adjusted EPS (attributable to shareholders) is then divided by the number of basic shares.
2 As used throughout this release, adjusted EBITDA Pre IFRS 16 defined as Net Income + Income Tax Expenses + Net Interest Expenses + D&A + Other Expenses – the impact of IFRS 16 + Share-based payment.
About Max Stock
Max Stock is
Forward-Looking Statements
It should be emphasized that this report includes forward-looking information as defined under the Securities Law, 5728-1968. Forward-looking information is uncertain information regarding the future, including forecasts, projections, estimates or other information which refer to a future event or matter, the eventuation of which is uncertain and/or not within the Company's control. The forward-looking information included in this report is based on the current information held by the Company or its current assessments, as of the publication date of this report.
Company Contacts:
Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il
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SOURCE Max Stock Limited
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