Middle East

Israeli retailer Shufersal Q2 profit up, but sales hit by pandemic

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JERUSALEM, Aug 11 (Reuters) - Shufersal (SAE.TA), Israel's largest supermarket chain, reported a 21% rise in quarterly profit, though sales slipped due to influence of the COVID-19 pandemic and the timing of Jewish holidays.

Shufersal said on Wednesday it earned 97 million shekels ($30 million) in the second quarter, compared with 80 million a year earlier. Revenue in the April-June period fell 2.8% to 3.6 billion shekels. Same-store sales dropped 5.4%.

Online sales slipped to 19.1% of total sales from 19.9% a year earlier due to a shortage of manpower following the corona crisis. Its own private brand reached 26.1% of food retail sales.

Shufersal in late 2018 bought New-Pharm Drugstores, which operates dozens of branches in Israel, for 130 million shekels. Sales at its Be drugstore unit rose 16% to 223 million shekels.

($1 = 3.2206 shekels)

Reporting by Ari Rabinovitch Editing by Steven Scheer

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