November 25, 2018 / 9:25 AM / 22 days ago

Israel supermarket chain Shufersal Q3 profit edges up

TEL AVIV, Nov 25 (Reuters) -

* Shufersal, Israel’s largest supermarket chain, said on Sunday net profit rose slightly in the third quarter on record revenue as it integrated a newly purchased drugstore chain.

* The company posted net profit of 64 million shekels ($17 million) versus 63 million a year earlier. Revenue increased 9.4 percent to a record 3.3 billion shekels as same store sales rose 3.6 percent.

* Shufersal last year agreed to buy New-Pharm Drugstores, which operates dozens of branches in Israel, for 130 million shekels.

* Expenses rose to 763 million shekels from 664 million due to the integration of New-Pharm and to costs associated with the launching of a new credit card as well as a rise in salary expenses.

* Holding firm Discount Investment Corp in June reduced its stake in Shufersal and no longer controls the company.

* ($1 = 3.7337 shekels) (Reporting by Tova Cohen)

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