Israeli retailer Blue Square has reported revenues down by 1.8% in the second quarter of 2004.

Revenue for the second quarter was NIS1.318,5bn (US$293.2m), a decrease of 1.8% compared to NIS1,342,9bn in the second quarter of 2003 due to seasonal factors affecting company results.

Net profits came in at NIS20.2m (US$4.5m) compared to a loss of NIS28m in the same period of 2003, reported Globes.

The company noted that revenue for the quarter were affected by the timing of the Passover season, which fell mostly within the first quarter of 2004, but entirely within the second quarter of 2003. Revenues for the six-month period, which eliminate the holiday effect, increased by 2.7%, which the company stated was evidence of a return to positive market trends.