March 19, 2020 / 2:04 PM / 17 days ago

Israeli supermarket chain Shufersal Q4 profit more than doubles

TEL AVIV, March 19 (Reuters) - Shufersal, Israel’s largest supermarket chain, reported a more than doubling of its quarterly net profit due to the acquisition of a drugstore chain and a revaluation in its real estate assets.

Shufersal said on Thursday it earned 117 million shekels ($32 million) in the fourth quarter, up from 49 million a year earlier.

Revenue rose 3.5% to 3.3 billion shekels. Same store sales increased 0.9%.

Shufersal in late 2018 bought New-Pharm Drugstores, which operates dozens of branches in Israel, for 130 million shekels.

The company’s board declared a dividend of 80 million shekels. ($1 = 3.6816 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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