Israeli supermarket chain Shufersal Q4 profit, revenue rise
TEL AVIV Feb 19 (Reuters) - Shufersal, Israel's largest supermarket chain, reported a 39 percent rise in quarterly net profit on Wednesday due to higher sales and an increase in the value of real estate for investment.
Formerly known as Super-Sol, the company posted fourth-quarter net profit of 78 million shekels ($22 million), up from 56 million a year earlier.
Revenue rose 4.1 percent to 2.9 billion shekels. Same store sales grew 2.9 percent in the quarter from a year ago.
Shufersal announced a dividend of 70 million shekels, or 0.33 shekel a share, compared with 180 million a year ago.
The company said that during 2013, and especially in the fourth quarter, it reinforced its discount branches, a move that will continue into 2014.
Shufersal, which is controlled by IDB Development , completed the establishment of a wholly owned subsidiary for more than 2 billion shekels worth of real estate assets in 2013.
($1 = 3.505 shekels) (Reporting by Tova Cohen)