August 13, 2018 / 6:31 AM / 4 months ago

Israeli supermarket chain Shufersal Q2 profit, revenue up

TEL AVIV, Aug 13 (Reuters) -

* Shufersal, Israel’s largest supermarket chain, said on Monday net profit rose in the second quarter as it integrated a newly purchased drugstore chain.

* The company posted net profit of 85 million shekels ($23 million) versus 69 million a year earlier. Revenue increased 4.8 percent to 3.15 billion shekels, though same store sales slipped 2.4 percent due to the timing of the Passover holiday.

* Holding firm Discount Investment Corp in June reduced its stake in Shufersal and no longer controls the company.

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

* Shufersal said its private label products now account for 24 percent of its sales and 14 percent of the chain’s sales were handled online.

* ($1 = 3.7160 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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