ISRAEL: Blue Square sees Q2, H1 affected by difficult trading conditions
Supermarket giant Blue Square-Israel has yesterday [Wednesday] reported revenue of NIS1,384.6m (US$290.3m) for its Q2 ended 20 June, down 8.8% year on year. The Rosh Ha'ayin-based firm explained that the drop insales reflects adjustments to its financial statements, made to reflect the rise in the Consumer Price Index (CPI); the timing of the Passover holiday buying season, which occurred entirely during the Q1 2002, but primarily during the Q2 2001; the difficult economic situation and the rise in unemployment, which has eroded the purchasing power of a large proportion of Israeli consumers, resulted in decreased demand.
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