Shufersal almost quadruples profit

Supermarket chain Shufersal Ltd. (TASE:SAE) has reported revenue of NIS 3.1 billion for the second quarter of 2016, which compares with NIS 2.8 billion in the corresponding quarter of 2015. For the first six months of this year, the chain's revenue totaled NIS 5.9 million, which compares with NIS 5.6 billion in the first half of 2015.

Same-store sales grew by 14.2% in the second quarter, mainly because of the timing of the Passover holiday, and changes in consumers' choices of products and in the chain's mix of special offers. Excluding seasonal factors, the growth in same-store sales was 8%.

Shufersal's second quarter gross profit grew by 13% to NIS 765 million from NIS 674 million in the corresponding quarter. Operating profit grew 63% to NIS 117 million from NIS 72 million in the corresponding quarter. In the first six months of 2016, operating profit grew 110% to NIS 210 million.

Net profit in the second quarter was up 287% to NIS 62 million from NIS 16 million in the corresponding quarter. In the first six months of 2016, Shufersal posted 297% growth in net profit to NIS 115 million from NIS 29 million in the first half of 2015.

The woes of rival chain Mega, recently sold by its trustees to Yeinot Bittan, allowed Shufersal to take market share at its expense.

Shufersal's CEO is Yitzchak Abercohen.

Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2016

Shufersal almost quadruples profit

The supermarket chain's second quarter net profit was up 287% to NIS 62 million.