ISREAL: Blue Square - Israel Ltd. Announces Second Quarter and First Half 2000 Results -- 52% Rise in Operating Profits
Blue Square-Israel Ltd. (NYSE: BSI) today announced results for the second quarter ended June 30, 2000. Results of the Second Quarter Revenues for the second quarter of 2000 were NIS 1,343.4 million (US$ 328.9 million)(a), an increase of 12.6% compared to NIS 1,193.4 million(b) for the second quarter of 1999. Second quarter revenues reflect the contribution of the Passover season sales, which occurred during the second quarter of 2000, but during the first quarter of 1999. Gross margins for the second quarter of 2000 rose to 27.9% compared to 27.1% for the second quarter of 1999. The Company's second quarter 2000 operating profit was NIS 75.1 million (US$ 18.4 million), an increase of 52% compared to NIS 49.3 million for the second quarter of 1999. The growth in operating profit reflected both the quarter's increased revenues and the Company's monitoring control of operating expenses. Operating margins for the period rose to 5.6%, compared to 4.1% for the parallel period in 1999, due in large part to the successful implementation of the Company's comprehensive efficiency program initiated during the fourth quarter of 1999. Net profit for the quarter rose by 113% to NIS 37.0 million (US$ 9.1 million), or NIS 0.96 per ADS (US$ 0.24), compared to NIS 17.3 million, or NIS 0.51 per ADS for the second quarter of 1999. Net profit for the second quarter of 1999 was affected by the losses of ID Design, which has since been divested. During the quarter, same store sales increased by 2.8%, sales per employee increased by 16.4%, and sales per square meter grew by 0.5%.
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