Blue Square, Israel’s second largest food chain, reported a surge in profits in 2006, thus becoming a serious arch-rival to the leading chain, Super-Sol.
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Blue Square said its profits climbed to NIS215m (US$51.20m), an increase of 137% compared with 2005. Excluding one-time gains from floating its subsidiary Blue Square Real Estate, the company’s net profit still increased by a significant 77% to NIS160m.
Blue Square’s revenues rose to NIS6.5bn in 2006, an increase of 12.5% compared with the year before. For the year 2006 rival Super-Sol reported sales of NIS9bn.
Blue Square’s operating income increased by 33% to NIS1.7bn, an increase of 13.6%.
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By GlobalData
