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Israeli supermarket operator Shufersal posts Q2 loss
August 7, 2014 / 7:21 AM / 3 years ago

Israeli supermarket operator Shufersal posts Q2 loss

JERUSALEM, Aug 7 (Reuters) - Shufersal, Israel’s largest supermarket chain, swung to a loss in the second quarter, hit by lower food prices, the closing of stores and a voluntary retirement programme.

Formerly known as Super-Sol, the company on Thursday posted a quarterly loss of 157 million shekels ($45.5 million) including a one-time charge of 211 million shekels versus a 43 million shekel profit a year earlier.

Revenue grew 2.8 percent to 2.985 billion shekels, helped by the timing of the week-long Passover holiday, which occurred in the first quarter in 2013 but in the second quarter in 2014 and offset a general slowdown in sales and lower prices.

Same-store sales grew 2.6 percent.

Shufersal is controlled by holding company Discount Investment Corp.

$1 = 3.4501 Israeli Shekels Reporting by Steven Scheer; editing by Jason Neely

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