Israeli retailer Blue Square-Israel has reported a net loss for the latest quarter, compared with a year-ago profit, as sales were hit by the recession and increased competition.

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The company posted a net loss of NIS17.2m (US$3.9m) for the third quarter to 30 September, compared to a net profit of NIS24.8m in the year-ago period.


Excluding one-time provisions for employee layoffs and fixed asset impairment, which amounted to NIS36.6m after taxes and minority interest, net income for the third quarter would have been NIS19.4m, the company said.


Third-quarter revenues were NIS1.34bn, compared to NIS1.38bn a year earlier. Same-store sales fell 9.9%.


“The reduction reflects the ongoing recession in Israel and increasing competition,” the company said.

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