Leading Israeli supermarket chain Super-Sol has announced third-quarter revenues of NIS1.73bn (US$365.7m), down 3.8% from the year earlier.

Same store sales were down 10.4% during the quarter ending 30 September compared to the same period last year.

The company attributed the decrease in revenues to the decrease in real terms of food prices, the deepening recession in the Israeli economy and increasing competition in the supermarket sector.

Gross profit was NIS461m for the quarter, a decrease of 3.8% compared to NIS479m for the third quarter last year. Gross margin was 26.9% for the third quarter this year and for the same quarter last year.

Operating profit for the third quarter was NIS46m, a decrease of 48.8% compared to NIS91m in the same period last year. The operating margin was 2.7% compared to 5.0% last year.

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The company’s net profit for the third quarter was NIS20m, a decrease of 63.3% compared to NIS55m during the same quarter last year.

The company’s fully diluted earnings per share for the third quarter were NIS0.10 per share, a decrease of 63.8% compared to NIS0.27 per share during the same period last year.

Revenues for the nine-month period ended 30 September reached NIS5.19bn, an increase of 1.0% compared to NIS5.14bn in the same period last year. The increase in revenues resulted mainly from the contribution of new stores.

Gross profit was NIS1.36bn for the nine-month period, a decrease of 1.0% compared to NIS1.38bn for the same period last year.