Israeli supermarket chain Blue Square-Israel has reported net income of NIS18.9m (US$4.2m) for the third quarter to 30 September, compared to a loss of NIS17.1m in the year-ago period.
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Revenues for the third quarter of 2004 increased by 3.4% to NIS1.38bn compared to NIS1.34bn in the third quarter of 2003. The increase in revenue was mainly due to the opening of new stores during the period. Same-store sales decreased by 0.7%.
“Our brand consolidation and expansion programme continues to pay off with rising revenues and profits. During the quarter, we continued building market share at the expense of the other large chains, demonstrating our ability to flourish in a competitive marketplace still affected by recession. Although our policies of aggressive sales and marketing, increased store density in competitive regions and store conversions to lower-priced formats have reduced our margins, the increase in revenues and market-share that they are delivering will more than compensate over the long-term,” said Gil Unger, Blue Square’s president and CEO.
