November 27, 2019 / 10:40 AM / 10 days ago

Israeli supermarket chain Shufersal Q3 profit dips, sales gain

JERUSALEM, Nov 27 (Reuters) - Shufersal, Israel’s largest supermarket chain, reported lower quarterly profit despite higher sales, citing higher financial expenses and a change to a new accounting standard.

Shufersal said on Wednesday it earned 55 million shekels ($16 million) in the third quarter, down from 64 million a year earlier.

Revenue rose 4.2% to 3.4 billion shekels, led by food retail sales and operations at its newly acquired drugstore chain, in which sales grew 38%. Same store sales slipped 0.6%.

Shufersal last year bought New-Pharm Drugstores, which operates dozens of branches in Israel, for 130 million shekels. It re-branded it under the name “Be” and officially launched it in the fourth quarter of 2018.

Financial expenses rose to 65 million shekels in the July-September period from 28 million a year earlier due to implementing the IFRS16 accounting standard and a decline in the dollar and euro. ($1 = 3.4684 shekels) (Reporting by Steven Scheer)

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