Israeli supermarket chain Super-Sol has reported a narrower fourth-quarter net loss, helped by its restructuring programme.
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The company posted a net loss of ILS19m (US$4.2m) for the fourth quarter of 2003, compared to a loss of ILS116m in the year-ago quarter, reported Dow Jones News.
In a bid to return to profit, Super-Sol last year launched a recovery plan involving management changes, store closures and job cuts. Twelve stores were closed in the fourth quarter, with four more to be closed in the first quarter of the current year.
Fourth-quarter revenue slid slightly to ILS1.54bn from ILS1.58bn in the year-ago period. Same-store sales fell 3.6%, a smaller drop than in the other quarters of 2003.
For the full year the company posted a net loss of ILS131m, compared with a net loss of ILS14m in the previous year.
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By GlobalData
