Supermarket chain Shufersal Ltd. (TASE:SAE) today reported a modest 1.5% increase to NIS 67 million in net profit and a 9% rise to NIS 3.17 billion in revenue in the first quarter of 2018.
As a result of revenue growth, Shufersal's gross profit was up 15% to NIS 850 million, but a large increase in expenses kept the company's operating profit down to NIS 113 million, an increase of less than 3%.
Shufersal, a subsidiary of Eduardo Elsztain-controlled Discount Investment Corporation Ltd. (TASE:DISI), attributes the improvement in its revenue to the timing of the Passover holiday and the addition of pharmacy chain New Pharm. The supermarket chain added that its same-store sales had risen 2.8%.
Shufersal is Israel's largest supermarket chain with 274 supermarkets, 64 New Pharm branches, and 518,000 square meters in total commercial space. The company's market cap is NIS 5.25 billion, about the same as at the beginning of the year.
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2018
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