Supermarket chain Shufersal Ltd. (TASE:SAE) posted a profit of NIS 153 million for 2015, compared with a loss of NIS 107 million in 2014.
The company's fourth quarter and full year financials released this morning show annual revenue of NIS 11.5 billion in 2015, compared with NIS 11.6 billion in 2014. The decline in revenue was mainly due to growth in the activity of franchisees in the chain's stores.
Revenue from the real estate business totaled NIS 180 million in 2015, 1.1% more than in 2014.
In the fourth quarter of last year, Shufersal's revenue totaled NIS 2.9 billion, compared with NIS 2.8 billion in the corresponding quarter of 2014. Net profit for the quarter was NIS 77 million, compared with NIS 45 million in the corresponding quarter.
Gross profit totaled NIS 746 million in the fourth quarter of 2015, compared with NIS 640 million in the corresponding quarter. The improvement is gross profit was due among other things to growth in sales of Shufersal's own brand products and the implementation of a streamlining program.
Shufersal chairman Rafi Bisker and CEO Yitzchak Abercohen said today, "We are happy to conclude 2015 with results that represent a continuing consistent trend of improvement in operational parameters. These results stem from implementation of the company's strategy launched in the summer of 2014, the main elements of which are strengthening of the company's competitive position, especially in the discount segment, promotion and significant growth in the company's own brand alongside improvement in its terms of trade and relationships with its suppliers, substantial growth in sales of Shufersal Online and promotion of the digital operation, promotion of growth engines and development of specialized areas of activity, and further implementation of the streamlining plan and changes in work procedures while saving costs."
Meanwhile, Shufersal has announced that Bisker has been replaced as chairman by Israel Berman, who for the past twelve years has been a senior executive at international consulting firm Hay Group.
Published by Globes [online], Israel business news - www.globes-online.com - on February 29, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016