The supermarket chain is considering opening a supermarket chain in Jewish neighborhoods.
Independent supermarket chain Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (TASE:RMLI) has set its sights on the US. Sources inform ''Globes'' that the company is considering opening a supermarket chain in Jewish neighborhoods initially in New York and Los Angeles, and has even begun talks on the acquisition of several private independent supermarkets, with the aim of merging them into one chain. Rami Levy himself will spend a week in the US in order to move the idea forward.
Rami Levy Chain Stores currently has a market cap of NIS 353 million. The company posted NIS 485 million turnover in January-September 2007, 13% higher than in the corresponding period in 2006. Operating profit totaled NIS 37.5 million, 7.8% of sales, while net profit totaled NIS 27 million. The company posted a net profit of NIS 31.6 million and an operating profit of NIS 43.6 million on NIS 570 million turnover for 2006 as a whole.
Most of the Rami Levy stores are still concentrated in Jerusalem, Bet Shemesh, Modiin, and Beitar Illit. However the chain has plans to expand its deployment nationwide, with branches also due to open in Tel Aviv.
Published by Globes [online], Israel business news - www.globes.co.il - on February 25, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008