Israeli retailer Blue Square-Israel has reported a fall in first-quarter net profit, due in part to the late date of the Passover holiday this year, but said it would continue to be profitable and increase its market share.

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The company’s net profit in the quarter fell to 16.1m shekels (US$3.6m), compared to 43.0m shekels in the year-ago period.


“Despite market conditions, we believe we are positioned favourably to maintain profitability and to build long-term market share,” Blue Square president and chief executive Yoram Dar was quoted by Reuters as saying.


Blue Square’s revenues were down 15.3% to 1.23bn shekels.


 

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