Israeli supermarket operator Blue Square has booked an increase in profits for the first quarter, due to a lift in sales and improved operating income.
Net profit for the quarter reached NIS37.1m (US$10m) compared to NIS32.3m in the prior year.
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Revenues for the three-month period amounted to NIS1.83bn, an increase of 3.7 % on the prior year.
The increase was due to the opening of seven new stores during the last 12-month period, an increase in same store sales at a rate of 1.2% and from the timing of the Passover holiday occurring in the first quarter.
Operating profit amounted to NIS72.6m, an increase on NIS60.2m earned in the prior year.
Zeev Vurembrand, Blue Square’s president and CEO, said: “The results of the first quarter of 2010 reflect the implementation of the key parts of the strategic plan as well as the results of the efficiency plan implemented by the company in 2009.”
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