May 30, 2018 / 7:01 AM / 24 days ago

Israeli supermarket chain Shufersal Q1 profit, revenue up

JERUSALEM, May 30 (Reuters) -

* Shufersal, Israel’s largest supermarket chain, said on Wednesday net profit rose slightly in the first quarter, as it integrated a newly purchased drugstore chain and expanded its private label products.

* The company posted net profit of 67 million shekels ($19 million) versus 66 million a year earlier. Revenue jumped 9.1 percent to 3.2 billion shekels, with same store sales up 2.8 percent.

* Shufersal is controlled by holding company Discount Investment Corp.

* Shufesal last year agreed to buy New-Pharm Drugstores, which operates dozens of branches in Israel, for 130 million shekels.

* Shuferal said its private label products now account for 23.8 percent of its sales, and that 13.6 percent of the chain’s sales were handled online.

* ($1 = 3.5841 shekels) (Reporting by Ari Rabinovitch Editing by Steven Scheer)

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