ISRAEL: Blue Square - Israel Ltd. announces third quarter and first nine months 2000 results
Net Income Up 53% For The 3rd QuarterBlue Square-Israel Ltd. (NYSE: BSI) yesterday announced results for the third quarter and nine months ended September 30, 2000. Results of the Third Quarter Revenues for the third quarter of 2000 were NIS 1,355.2 million (US$ 336.8 million)(a), an increase of 6.2% compared to NIS 1,276.5 million(b) for the third quarter of 1999. Gross margins for the third quarter of 2000 rose to 28.2% compared to 26.4% for the third quarter of 1999. The Company's third quarter operating income was NIS 68.2 million (US$ 16.9 million), an increase of 39% compared to NIS 49.0 million for the third quarter of 1999. Operating margins for the period rose to 5.0%, compared to 3.8% for the corresponding period in 1999. The rise in operating margins is due both to the increase in the Company's gross profit and to the success of the Company's ongoing efficiency program. These positive factors were partially offset by costs associated with the opening of new stores during the quarter. Financial expense for the third quarter rose to NIS 14.4 million (US$ 3.6) compared to NIS 3.9 million in the third quarter of 1999. This substantial increase derives primarily from the adverse effect of the gap between the current quarter's 0.84% decrease in the Israeli CPI compared to the 1.2% increase in the Israeli CPI during the third quarter of 1999. The Company's financial statements are adjusted for inflation according to Israeli GAAP. Therefore:
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