Higher costs have weighed on annual earnings at Blue Square, the Israeli retailer.
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The company saw operating income dip 1.5% to NIS300.7m (US$85.5m) in 2007, despite a rise in gross profits and turnover.
Gross profit climbed 8.9% to NIS1.9bn thanks in part to “improved agreements” with suppliers and higher margins at its Bee Group Retail arm, Blue Square said.
Turnover rose 7.2% to NIS7bn as Blue Square opened more stores and expanded the Bee Group Retail business.
Zeev Vurembrand, Blue Square’s recently-appointed president and CEO, said the company’s “expansion and diversification” in 2007 had taken it to a “new level”.
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By GlobalData“In the year ahead, the entire organization is focused on achieving the next level of growth for our business,” Vurembrand said. “Our specific plans for 2008 include the opening of eight-ten supermarkets nationwide, the expansion of our Eden Teva chain, and the continued development of each of our strong brands, all while continuing to focus on customer satisfaction and efficiency.”
