Supermarket chain Shufersal Ltd. (TASE:SAE), headed by CEO Itzik Abercohen, reported 5% revenue growth in its second quarter financials released this morning. Revenue totaled NIS 3.15 billion in the quarter, and the gross profit line also showed a positive trend.
The improvement in quarterly revenue was supported by drugstore chain New Pharm, which generated revenue of NIS 134 million. Shufersal reports that total revenue from the retail sector was unchanged at NIS 3 billion.
A decline in operating profit because of an increase in marketing and sales expenditure was offset by a rise in the value of Shufersal's assets and a lower finance expense, and net quarterly profit climbed 23% to NIS 85 million.
In the first half year, Shufersal's revenue rose 7% to NIS 6.3 billion, and net profit rose 13% to NIS 152 million.
Shufersal operates 340 branches, 276 under the Shufersal brand and 64 New Pharm branches, with total retail space of 517,000 square meters.
Last June, Discount Investment sold 16.5% of Shufersal, and ceased to be its controlling shareholder.
So far this month, Shufersal's share price has risen 4%, giving the company a market cap of NIS 5.45bn.
Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2018
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