Super-Sol, Israel's largest supermarket chain, today announced an 11.2% decline in first-quarter revenue and its second consecutive quarter of losses, explaining that "the poor results were due to the economic recession."

Globes reported that Super-Sol's first quarter loss was NIS3m (US$645,000), or NIS0.02 per share, compared with a profit of NIS57m during the same period last year.

The company also announced an operating loss of NIS4m for the first quarter, compared with an operating profit of NIS79m in the corresponding period in 2002.

The chain's revenues for the first quarter of 2003 totalled NIS1.59bn, compared with revenue of NIS1.79bn in the first quarter last year, and that store sales declined by 14.6% compared with the first quarter last year.