The retail chain lost NIS 156 million in the second quarter of 2014.
Retail chain Shufersal Ltd. (TASE:SAE) reported an operating loss of NIS 156 million in the second quarter. The losses were slightly moderated by profits in the real estate division. These results put into question the company's future results.
These poor results are a consequence of a one-time expense of NIS 211 million due to the retail chain's new strategic plan. This streamlining plan includes closing 15 branches, layoffs, lowering prices, and expanding its private brand.
In the first half of 2014, Shufersal's revenue fell 1.6% to NIS 5.779 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 7, 2014
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Shufersal