Israeli retailer Blue Square posted a jump in net income for the first half of the year, leading the company to say it is in line with expectations.

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For the six months ended 30 June, net income was NIS102.3m (US$30.5m), an increase of 147% compared to NIS41.4m for the first half of 2007.


Operating income rose 15.9% to NIS178.8m from NIS154.3m for the same period last year as a result of the ongoing expansion of Bee Group Retail and the consolidation of the revenues of Naaman Porcelain.


Revenues for the first half increased 10.8% to NIS3.7bn compared to NIS3.3bn in the first six months of 2007.


Second-quarter revenues were up 14.1% to NIS1.9bn from NIS 1.7bn in 2007, and operating income rose 18.4% to NIS88.6m from NIS74.8m in the previous year, the increase reflecting the period’s higher revenues, gross profit and non-cash income from the revaluation of investment properties.

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Net income increased 79.5% to NIS37.2m during the second quarter, up from NIS20.7m for the same period in 2007.


“The second quarter was an active period during which we began implementing our immediate-term strategies, while continuing to formulate a comprehensive strategy for our long-term growth,” said Zeev Vurembrand, Blue Square’s president and CEO.


“Our progress has been in line with the timetables that we established at the end of March for expanding Blue Square significantly and enhancing its leadership of Israel’s food and non-food retail segments.”