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TEL AVIV - Super-Sol Ltd., Israel's leading supermarket chain, today reported record revenues and profits for the third quarter of 2001.
The company's revenues reached a record NIS 1.69 billion, compared to NIS 1.57 billion in the third quarter last year - an increase of 7.7%. The increase in revenues resulted mainly from the contribution of new stores. Same store sales decreased by 4.3% during the quarter, compared to the same period last year, mainly as a result of the opening of new stores by the company and by its competitors, and the continued slowdown of the Israeli economy.
Gross margin was 26.9% for the quarter, compared to 26.5% for the same period last year. The improvement in the gross margin was mainly the result of the increase in the percentage of products distributed by the company, sales of private label products, and improved category and inventory management.
The company's net profit for the third quarter reached a record NIS 52 million, an increase of 34.5% compared to NIS 39 million during the same quarter last year.
"The financial results for the third quarter reinforce Super-Sol's position as the leader of the Israeli supermarket sector," said Super-Sol's CEO, Amiaz Sagis.
Sagis mentioned the company's increase in self-distribution and sales of its private label products, 'Superclass,' as well as a growing trend in ready-to-eat ethnic foods