Shufersal Ltd. (TASE:SAE) published its first quarter results today, reporting a slight rise in revenue from NIS 2.8 billion in the first quarter of 2015 to NIS 2.9 billion in the first quarter of 2016. Same-stores sales were up 3.6%, compared with the corresponding quarter last year, despite the Passover holiday, which fell in the second quarter this year.
Operating profit totaled NIS 744 million, 26% of sales turnover, compared with NIS 630 million in the first quarter of 2015. Shufersal reported a NIS 53 million net profit, four times its NIS 13 million net profit in the first quarter of 2015.
Shufersal chairman Israel Berman and CEO Yitzchak Abercohen said, "Shufersal is continuing its implementation of its long-term strategy of focusing on the customer and improving the value it provides for him, while promoting innovation, development of new areas of activity, and responding to changing trends in the food market and among Israeli consumers.
"The advanced logistics center set up by the company in Shoham began operating during the first quarter. This center will make products more available to the customer and improve the company's efficiency. We are glad to finish the first quarter with financial results that reflect a substantial improvement in the company's business, while demonstrating further growth and development. We thank the customers for their ongoing confidence in the Shufersal chain."
Published by Globes [online], Israel business news - www.globes-online.com - on May 15, 2016
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