Israeli retailer Shufersal reports lower Q4 profit

Shufersal opens Israel's first autonomous store where shoppers do not queue or scan goods and where payments and receipts are settled digitally in Tel Aviv
Customers leave Israel's first autonomous store where shoppers do not queue or scan goods and where payments and receipts are settled digitally in Tel Aviv, Israel September 8, 2022. REUTERS/Nir Elias

JERUSALEM, March 21 (Reuters) - Shufersal (SAE.TA), Israel's largest supermarket chain, reported on Tuesday a steep drop in fourth-quarter profit, citing a decrease in operating income and one-off expenses.

Shufersal said it earned 3 million shekels ($822,413) in the October-December period, versus 100 million shekels a year earlier. Revenue rose 1% to 3.65 billion shekels, although same store sales dipped 1.6% versus the year earlier quarter.

The company said the quarterly profit drop stemmed from lower operating income, as well as one time expenses for an efficiency plan and a drop in real estate value.

Online sales slipped to 18.4% of total sales from 20.9% a year earlier. Its own private brand reached 27.8% of food retail sales. Revenue at its drugstore unit was largely flat at 255 million shekels.

($1 = 3.6478 shekels)

Reporting by Ari Rabinovitch Editing by Steven Scheer

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