ROSH HA'AYIN, Israel, August 20 /PRNewswire-FirstCall/ -- Blue
Square-Israel Ltd. (NYSE and TASE: BSI) today announced unaudited results for
the second quarter and six months ended June 30, 2008.
NOTE: IFRS - International Financial Reporting Standard
Financial results for the three-month and six-month periods ended June
30, 2008 reported in this release are presented in accordance with
International Financial Reporting Standards ("IFRS"). To facilitate
comparison, the comparison results from the three-month and six-month periods
ended June 30, 2007, as well as those for the year ended December 31, 2007,
have been adjusted to bring them into accordance with IFRS, and differ from
the results originally reported.
Results for the Second Quarter
Revenues: Revenues for the second quarter increased by 14.1% to NIS
1,918.4 million (U.S. $572.3 million)(a) compared to NIS 1,680.9 million in
the second quarter of 2007. The increase reflected:
1) The timing of the Passover buying season, which fell entirely in the
second quarter of 2008 but partially in the first quarter of 2007.
2) The addition of approximately 16,000 square meters of selling space
through the opening of 10 new supermarkets during the twelve month period.
3) The ongoing expansion of Bee Group Retail ("Bee Group") (formerly Kfar
Ha'Shaashuim), including the consolidation of the revenues of Naaman
Porcelain Ltd. (TASE: NAMN) ("Naaman") since the fourth quarter of 2007
4) The consolidation of Eden Briyut Teva Market Ltd. ("Eden Teva") since
the fourth quarter of 2007.
5) The quarter's 8.2% increase in supermarket Same Store Sales,
reflecting rising price levels throughout the food market together with a
sharp year-over-year increase in Mega In Town sales. This was countered
partially by an 11.4% decline in the sales of Shefa Shuk, which accounted for
20.4% of the Company's overall revenues during the second quarter. A major
contributor to the decline in Shefa Shuk sales was the ultra-Orthodox
community's ongoing consideration of declaring a boycott against the format
as described below.
Gross Profit: Gross profit for the second quarter increased by 17.0% to
NIS 527.5 million (U.S. $157.4 million) compared to NIS 451.3 million in the
second quarter of 2007. Gross margin for the period increased to 27.5%
compared to 26.8% in the parallel quarter of 2007, reflecting improved
agreements with suppliers; the success of the Mega In Town format; the
reduction in the proportion of hard discount sales in the total revenue mix
due to a decrease in sales of the Shefa Shuk format; and the higher gross
margin of sales generated by the Company's subsidiary Bee Group Retail. Gross
margins continued to be impacted, however, by the market's strongly
competitive environment.
Revaluation of Investment Property: In compliance with the IFRS
Accounting Standard, the Company began adjusting the value of its investment
property on a quarterly basis in accordance to Fair Market Value. In the
second quarter of 2008, the Company's revaluation of two assets acquired at
the end of 2007 resulted in non-cash income of NIS 5.2 million (U.S. $1.6
million) for the quarter.
Selling, General, and Administrative Expenses: Selling, General, and
Administrative expenses for the quarter increased by 18.1% to NIS 444.2
million (U.S. $132.5 million) (23.2% of revenues) compared to NIS 376.2
million (22.4% of revenues) in the second quarter of 2007. The increase
derived mainly from the expenses of opening new stores, increased advertising
and marketing efforts, and the expenses of the companies which were
consolidated into Blue Square's results of the second quarter of 2008 but not
in the parallel quarter of 2007. In addition, operating expenses, such as
rent and municipal taxes, increased due to the increase in the Israeli CPI.
Operating Income: Operating income for the quarter increased by 18.4% to
NIS 88.6 million (U.S. $26.4 million) from NIS 74.8 million in the second
quarter of 2007. The increase reflects the period's higher revenues, gross
profit and non-cash income from the revaluation of investment properties,
mitigated somewhat by increased operating expenses. Operating margin for the
period increased to 4.6% from 4.5% in the second quarter of 2007. Excluding
the income derived from the revaluation of investment property and non-cash
expenses related to employee stock-based compensation, operating margin for
the second quarter of 2008 was 4.5%.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization):
EBITDA for the quarter increased by 13.9% to NIS 123 million (U.S. $36.7
million) compared to NIS 108 million in the second quarter of 2007. EBITDA
margin for the period was 6.4%, unchanged from the parallel period of 2007.
Financial Expenses (net): Financial expenses (net) for the quarter were
NIS 40.2 million (U.S. $12.0 million), an increase of 15.6% compared to NIS
34.8 million in the second quarter of 2007. This was due primarily to the
increase in the "Known" price index during the quarter, which increased the
value of the Company's index-linked debt, contributing to its NIS 22.4
million increase in expenses compared to the second quarter of 2007. The
increase in financial expenses was mitigated partially by the Company's
revaluation of its holdings in financial instruments according to the
requirements of the IFRS standard, under which the Company recorded financial
income of approximately NIS 1.8 million (U.S. $0.5 million) during the second
quarter of 2008. compared to the second quarter of 2007, in which financial
expenses generated by financial instruments totaled approximately NIS 21.4
million.
Taxes on Income: Taxes on income for the quarter were NIS 10.7 million
(U.S. $3.2 million), a decrease of 44.0% compared to NIS 19.1 million in the
second quarter of 2007, resulting in an effective tax rate of 22.2% for the
quarter compared to 47.7% for the second quarter of 2007. This reduction
reflected:
1) The quarter's increase in the CPI and its affect on the Company's
taxable income and loans in light of Amendment #20 to the Income Tax Law
(Adjustments for Inflation), which was enacted on February 26, 2008.
Amendment #20, which is to be applied beginning in the 2008 tax year,
discontinues the adjustment of income and assets according to inflation when
computing tax liability.
2) The change in the Israeli corporate tax rate from 29% in 2007 to 27%
in 2008.
3) The Company's adoption of the IFRS, under which the Company did not
record tax liability from the revaluation of its financial instruments to
Fair Value.
Net Income: Net income for the second quarter of 2008 increased by 79.5%
to NIS 37.2 million (U.S. $11.1 million) from NIS 20.7 million in the second
quarter of 2007. The portion of the net profit attributable to shareholders,
as calculated in accordance with the IFRS, was NIS 29.4 million (U.S. $8.8
million), or NIS 0.68 per ADS (U.S. $0.20), while the portion attributable to
the share of minority interests was NIS 7.8 million (U.S. $2.3 million).
Dividend:
The Company's Board of Directors today declared a cash dividend of NIS
150.0 million (the equivalent of approx. U.S. $42 million based on today's
representative rate of exchange), or NIS 3.46 (the equivalent of approx. U.S.
$0.97 based on today's representative rate of exchange) per share.
The dividend, net of taxes withheld at source pursuant to Israeli law,
will be payable on or about October 7, 2008 to shareholders of record as of
close of business on September 24, 2008. The dividend will be paid to ADS
holders a few days later. ADS holders will be paid in US Dollars based on the
representative rate of exchange of the US Dollar against the NIS published by
the Bank of Israel on or about October 7, 2008.
Following the dividend distrbution, the conversion ratio of the Company's
5.9% convertible debentures issued in August 2003 (outstanding principal
amount of 33,455,183 as of August 20, 2008) will be adjusted on September 25,
2008, due to the dividend described above. Following the adjustment, each NIS
20.095 par value of the convertible debentures will be convertible into one
ordinary share of the Company.
Other
- During the quarter, the Company opened two supermarkets, adding a net
total of 2,700 square meters to the chain. After the quarter, the
Company began the process of renovating six Shefa Shuk branches to the
Mega In Town format.
- Sales per square meter and sales per employee increased by 6.4% and
3.4%, respectively, during the second quarter of 2008 compared with
the parallel quarter of 2007.
- Late in the first quarter of 2008, the Company received reports that
certain sectors within Israel's ultra-Orthodox population segment were
considering the declaration of a boycott against Blue Square's Shefa
Shuk chain, and since the end of March 2008, the Company has
experienced a significant decrease in the sales of several Shefa Shuk
stores which appeal to the ultra-Orthodox community and/or that are
located within ultra-Orthodox neighborhoods. The decrease in sales in
these stores did not make a material impact on the Company's financial
results for the first half of 2008. Management is currently finalizing
its strategy for addressing the situation.
Results for the First Half
Revenues: Revenues for the first half of 2008 increased by 10.8% to NIS
3,739.6 million (U.S. $1,115.6 million) (a) compared to NIS 3,374.3 million
in the first six months of 2007. The increase reflects:
1) The addition of 16,000 square meters of selling space through the
opening of 10 new supermarkets during the twelve month period.
2) The ongoing expansion of Bee Group Retail ("Bee Group") (formerly Kfar
Ha'Shaashuim), including the consolidation of the revenues of Naaman
Porcelain Ltd. (TASE: NAMN) ("Naaman") since the fourth quarter of 2007
3) The consolidation of Eden Briyut Teva Market Ltd. ("Eden Teva") since
the fourth quarter of 2007.
4) The period's 4.4% increase in supermarket Same Store Sales, reflecting
rising price levels throughout the food market together with a 17.4%
year-over-year increase in Mega In Town sales. This was countered partially
by a 9% decline in the sales of Shefa Shuk, which accounted for 21.5% of the
Company's overall revenues during the first half of 2008. A major contributor
to the decline in Shefa Shuk sales was the ultra-Orthodox community's ongoing
consideration of declaring a boycott against the format as described above.
Gross Profit: Gross profit for the first half increased by 15.2% to NIS
1,031.1 million (U.S. $307.6 million) compared to NIS 894.9 million in the
first six months of 2007. Gross margin for the period increased to 27.6%
compared to 26.5% in the parallel quarter of 2007, reflecting the factors
detailed above.
Revaluation of Investment Property: In compliance with the IFRS
Accounting Standard, the Company began adjusts the value of its investment
property on a quarterly basis in accordance to Fair Market Value. In the
first half of 2008, the Company's revaluation of three assets acquired at the
end of 2007 resulted in non-cash income of NIS 18.0 million (U.S. $5.4
million).
Selling, General, and Administrative Expenses: Selling, General, and
Administrative expenses for the first half of 2008 increased by 17.5% to NIS
870.3 million (U.S. $259.6 million) (23.3% of revenues) compared to NIS 740.5
million (21.9% of revenues) in the first six months of 2007. The increase
reflects the factors described above.
Operating Income: Operating income for the first half of 2008 increased
by 15.9% to NIS 178.8 million (U.S. $53.3 million) from NIS 154.3 million in
the first six months of 2007. The increase reflects the factors described
above. Operating margin for the period increased to 4.8% compared to 4.6% in
the first half of 2007. Excluding the income derived from the revaluation of
investment property and non-cash expenses related to employee stock-based
compensation, operating margin for the first half of 2008 was 4.4%.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization):
EBITDA for the first half of 2008 increased by 7.7% to NIS 237 million (U.S.
$70.7 million) compared to NIS 220 million in the first six months of 2007.
EBITDA margin for the period was 6.3% compared to 6.5% in the parallel period
of 2007.
Financial Expenses (net): Financial expenses (net) for the first half of
2008 were NIS 48.4 million (U.S. $14.4 million), a decrease of 32.3% compared
to NIS 71.5 million in the first half of 2007. This significant decrease
reflected the Company's adoption of the IFRS standard, which mandates the
presentation of financial instruments at Fair Market Value with changes in
value accounted for as financial income or expense. During the first half of
2008, the Company recorded financial income of approximately NIS 14.4 million
(U.S. $4.3 million) related to the revaluation of its holdings in financial
instruments, compared to the parallel period of 2007, in which its financial
expenses connected with financial instruments totaled approximately NIS 50.8
million. This reduction in financial expenses was partially mitigated by an
increase in financial income associated with the period's increase in
Israel's "Known" price index, which contributed to a NIS 26.8 increase in the
financial expenses of the Company's debt compared to the first half of 2007.
Taxes on Income: Taxes on income for the first half of 2008 were NIS 26.5
million (U.S. $7.9 million), a decrease of 36.6% compared to NIS 41.8 million
in the first half of 2007, resulting in an effective tax rate of 20.6%
compared to 50.3% for the first half of 2007. This reduction reflected:
1) The quarter's increase in the CPI and its affect on the Company's
taxable income and loans in light of Amendment #20 to the Income Tax Law
(Adjustments for Inflation), which was enacted on February 26, 2008.
Amendment #20, which is to be applied beginning in the 2008 tax year,
discontinues the adjustment of income and assets according to inflation when
computing tax liability.
2) The change in Israeli corporate tax rate from 29% in 2007 to 27% in
2008.
3) The Company's adoption of the IFRS, under which the Company did not
record tax liability from the revaluation of its financial instruments to
Fair Value.
Net Income: Net income for the first half of 2008 was NIS 102.3 million
(U.S. $30.5 million), an increase of 147.0% compared to NIS 41.4 million for
the first half of 2007. The portion of the net profit attributable to
shareholders, as calculated in accordance with the IFRS, was NIS 87.5 million
(U.S. $26.1 million), or NIS 2.02 per ADS (U.S. $0.60), while the portion
attributable to the share of minority interests was NIS 14.7 million (U.S.
$4.4 million).
Other
- During the first six months of 2008, the Company opened five
supermarkets, adding a net total of approximately 7,000 square meters
to the chain.
- Sales per square meter and sales per employee increased by 3.5% and
2.6%, respectively, during the first half of 2008 compared with the
first half of 2007.
Acquisition of Additional 25% of Bee Group Retail
On August 3, 2008, the Company announced that it had signed an agreement
to acquire 25% of the outstanding share capital of Bee Group Retail Ltd.
("Bee Group"), a 60% subsidiary of the Company, for NIS 35.4 million,
increasing its interest in Bee Group to 85%. Under the terms of the
agreement, during the five-year period from closing, Blue Square will be
entitled to acquire the remaining 15% for approximately NIS 21.2 million
under terms detailed in a press release issued on August 3rd. The agreement
was approved by the Company's Board of Directors on August 20, 2008 and is
subject to various closing conditions such as receipt of approval from
Israel's Antitrust Authority and other regulatory authorities, together with
approvals and consents from financial institutions.
This acquisition was undertaken as part of the Company's strategy for
expanding its non-food operations with the goal of becoming a major player in
Israel's non-food retail segment. The Company's plans for Bee Group Retail
include the development of a "Bee"-branded retail chain and the production of
private label houseware products and textiles.
Comments of Management
Commenting on the results, Mr. Zeev Vurembrand, Blue Square's President
and CEO said, "The second quarter was an active period during which we began
implementing our immediate-term strategies while continuing to formulate a
comprehensive strategy for our long-term growth. Our progress has been in
line with the timetables that we established at the end of March for
expanding Blue Square significantly and enhancing its leadership of Israel's
food and non-food retail segments."
Mr. Vurembrand continued, "Our most notable accomplishments over the past
few months have been the recruitment of top-tier professionals to our
management team and the acquisition of the remaining shares of Bee Group
Retail, an important step in our strategy for establishing Blue Square as a
major non-food player. We have accelerated the buildout of the Eden Teva
chain with the goal of ending the year with 5-6 of these popular high-end
stores. In parallel, we have committed to finalizing and launching our
multi-year work plan by the end of 2008, several months before our original
schedule. This plan will take a comprehensive, synergistic approach towards
achieving several inter-related goals: leveraging our strong Mega brand,
establishing Blue Square as a major non-food player, creating new formats to
meet evolving market needs, and profiting from the untapped potential of the
Arab sector with our new Sakhnin store which we opened this week.. With the
right strategy, a talented and motivated team, strong financial backing and a
committed Board, we are confident in our ability to take Blue Square to a
whole new level of revenues and profitability while establishing it as the
clear leader of Israeli retail."
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekel (NIS) into U.S. dollars
was made at the rate of exchange prevailing at June 30, 2008: U.S. $1.00
equals NIS 3.352. The translation was made solely for the convenience of the
reader.
Blue Square is a leading retailer in Israel. A pioneer of modern food
retailing in the region, Blue Square currently operates 192 supermarkets
under different formats, each offering varying levels of service and pricing.
This press release may contain forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, with respect
to the Company's business, financial condition, prospects and operating
results. These statements are based on current expectations and projections
that involve a number of risks and uncertainties. Actual results could differ
materially from those anticipated in these forward-looking statements as a
result of various factors, including risk of market acceptance, the effect of
economic conditions, the impact of competitive pricing, supply constraints,
the effect of the Company's accounting policies, as well as certain other
risks and uncertainties which are detailed in the Company's Annual Report on
Form 20-F and other filings with the Security and Exchange Commission.
Forward-looking statements speak only as of the date on which they are made
and the Company undertakes no commitment to revise or update any
forward-looking statement in order to reflect events or circumstances after
the date any such statement is made.
BLUE SQUARE - ISRAEL LTD.
INTERIM CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2008
Convenience
translation
December 31, June 30, June 30,
2007 2007 2008 2008
___________ _________ _______ __________
Audited Unaudited
___________ ________________________________
U.S.
NIS dollars
____________________________________ __________
In thousands
________________________________________________
A s s e t s
CURRENT ASSETS:
Cash and cash
equivalents 56,410 198,228 228,754 68,244
Marketable securities 199,394 65,744 195,857 58,430
Short-term bank deposit 103,498 536,783 1,231 367
Trade receivables 776,251 722,948 826,136 246,461
Other accounts
receivable 99,841 98,618 109,626 32,706
Income taxes receivable 23,062 27,660 46,951 14,007
Inventories 453,944 439,487 491,591 146,656
_________ __________ _________ _______
1,712,400 2,089,468 1,900,146 566,871
_________ __________ _________ _______
NON-CURRENT ASSETS:
Long-term receivables 48,289 22,217 3,810 1,137
Embedded derivative 10,500 - 925 276
Prepaid expenses in
respect of
operating lease 199,679 202,675 196,684 58,677
Investments in investee
companies 4,948 5,160 4,931 1,471
Investment property 315,778 281,149 409,297 122,105
Intangible assets, net 280,420 118,413 287,635 85,811
Fixed assets, net 1,613,515 1,515,168 1,658,553 494,795
Deferred taxes 33,542 32,278 35,401 10,561
_________ __________ _________ _________
4,219,071 4,266,528 4,497,382 1,341,704
_________ __________ _________ _________
BLUE SQUARE - ISRAEL LTD.
INTERIM CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2008
Convenience
December translation
31, June 30, June 30,
2007 2007 2008 2008
__________ _________ _______ __________
Audited Unaudited U.S.
Dollars
________________________________________________
In thousands
________________________________________________
Liabilities and
shareholders' equity
CURRENT LIABILITIES:
Credit From banks and others 171,010 143,072 184,057 54,910
Current maturities of
convertible debentures 69,859 26,432 72,450 21,614
Trade payables 976,278 998,309 1,086,936 324,265
Other accounts payable 444,912 452,366 517,801 154,475
Income taxes payable 2,905 505 4,254 1,269
_________ _________ _________ _______
1,664,964 1,620,684 1,865,498 556,533
_________ _________ _________ _______
LONG-TERM LIABILITIES:
Loans from banks 260,134 219,521 235,597 70,286
Convertible debentures 169,897 259,406 144,916 43,233
Debentures 772,827 829,479 796,888 237,735
Derivatives instruments 9,968 7,090 7,954 2,373
Liabilities in respect of
employee benefits, net 35,986 33,170 37,095 11,067
Deferred taxes 57,615 43,385 59,675 17,803
_________ _________ _________ _______
1,306,427 1,392,051 1,282,125 382,497
_________ _________ _________ _______
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 1 par
value 57,094 56,141 57,094 17,033
Additional paid-in capital 1,019,820 951,949 1,023,162 305,239
Accumulated deficit (107,262) (5,322) (17,658) (5,267)
_________ _________ _________ _______
969,652 1,002,768 1,062,598 317,005
Minority interest 278,028 251,025 287,161 85,669
_________ _________ _________ _______
Total equity 1,247,680 1,253,793 1,349,759 402,674
_________ _________ _________ _______
Total liabilities and
shareholders' equity 4,219,071 4,266,528 4,497,382 1,341,704
_________ _________ _________ _______
BLUE SQUARE - ISRAEL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2008
For the
Three months
ended June 30
_________________
2007 2008
_______ ________
Unaudited
__________________________
NIS
__________________________
In thousands (except share and per share data)
________________________________________________
Revenues from sales 1,680,859 1,918,403
Cost of sales 1,229,591 1,390,880
__________ __________
Gross profit 451,268 527,523
Net gain from
adjustment of
investment property to
fair value - 5,225
Selling, general and
administrative expenses 376,422 444,188
__________ __________
Operating income 74,846 88,560
Other
expenses, net - (350)
Finance income 16,686 16,005
Finance expenses (51,457) (56,187)
Equity in earnings
(losses) of investee
companies, net (226) (144)
__________ __________
Income before taxes on
income 39,849 47,883
Taxes on income 19,108 10,650
__________ __________
Net income 20,741 37,233
Attributable to:
Equity holders of the
parent 12,652 29,505
__________ __________
Minority interests 8,089 7,728
__________ __________
Net income per Ordinary
share or ADS:
Basic 0.30 0.68
__________ __________
Fully diluted 0.27 0.64
__________ __________
Weighted average number
of shares or ADS used
for computation of
income per share:
Basic 42,182,242 43,372,819
__________ __________
Fully diluted 42,182,242 44,793,240
__________ __________
BLUE SQUARE - ISRAEL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX AND THREE MONTHS PERIODS ENDED JUNE 30, 2008
(continued)
Convenience
For the translation(a)
Six months for the
Year ended ended June 30, six months
December _________________ ended June 30,
31,
2007 2007 2008 2008
_________ _______ _____ __________
Audited Unaudited Unaudited
_________ _________________________ ___________
NIS U.S. dollars
______________________________________ ___________
In thousands (except share and per share data)
________________________________________________
Revenues from sales 6,981,984 3,374,315 3,739,561 1,115,621
Cost of sales 5,129,578 2,479,442 2,708,484 808,020
__________ _________ _________ __________
Gross profit 1,852,406 894,873 1,031,077 307,601
Net gain from
adjustment of
investment property to
fair value 10,456 - 17,970 5,361
Selling, general and
administrative expenses 1,558,608 740,547 870,256 259,623
__________ _________ _________ __________
Operating income 304,254 154,326 178,791 53,339
Other
expenses, net (1,520) - (1,603) (478)
Finance income 50,279 27,299 45,231 13,494
Finance expenses (107,598) (98,769) (93,658) (27,941)
Equity in earnings
(losses) of investee
companies, net 186 399 (17) (5)
__________ _________ _________ __________
Income before taxes on
income 245,601 83,255 128,744 38,409
Taxes on income 69,779 41,848 26,474 7,898
__________ _________ _________ __________
Net income 175,822 41,407 102,270 30,511
__________ _________ _________ __________
Attributable to:
Equity holders of the
parent 143,628 25,135 87,613 26,118
__________ _________ _________ __________
Minority interests 32,194 16,272 14,657 4,393
__________ _________ _________ __________
Net income per Ordinary
share or ADS:
Basic 3.39 0.61 2.02 0.60
__________ _________ _________ __________
Fully diluted 3.39 0.57 1.50 0.45
__________ _________ _________ __________
Weighted average number
of shares or ADS used
for computation of
income per share:
Basic 42,355,339 41,326,259 43,372,819 43,372,819
__________ _________ _________ __________
Fully diluted 42,355,339 41,326,259 44,793,240 44,793,240
__________ _________ _________ __________
BLUE SQUARE - ISRAEL LTD.
SELECTED OPERATING DATA
FOR THE SIX AND THREE MONTHS PERIODS
ENDED JUNE 30, 2008
(UNAUDITED)
Convenience
translation(a)
For the six For the three for the three
months ended months ended months ended
June 30 June 30 June 30
____________ _____________ 2008
2007 2008 2007 2008 U.S.$
NIS NIS NIS NIS (Unaudited)
_____ _____ _____ _____ ___________
(Unaudited)
_____________________________ ___________
Sales (in millions) 3,374 3,740 1,681 1,918 572
Operating income (in 154 179 75 89 26
millions)
EBITDA (in millions) 220 237 108 123 36
EBITDA margin 6.5% 6.3% 6.4% 6.4% NA
Increase (decrease)in
same store sales* (0.2)% 4.4% (4.6)% 8.2% NA
Number of stores at end
of period 180 190 180 190 NA
Stores opened during the
period 5 5 3 2 NA
Stores closed during the
period - - - - NA
Total square meters at
end of period 333,634 350,248 333,634 350,248 NA
Square meters added
during the period, net 10,330 7,000 2,130 2,700 NA
Sales per square meter 9,800 10,142 4,832 5,141 1,534
Sales per employee (in 467 479 233 241 72
thousands)
* Compared with the same period in the prior fiscal year.
Contact:
Blue Square-Israel Ltd.
Dror Moran, CFO
Toll-free telephone from U.S. and Canada: 888-572-4698
Telephone from rest of world: ?3-928-2220
Fax: +972-3-928-2299
Email: cfo@bsi.co.il
.gif)
