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Retail

Israel's Shufersal Sees Revenues Up 2.4% In First Nine Months Of 2023

By Steve Wynne-Jones
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Israel's Shufersal Sees Revenues Up 2.4% In First Nine Months Of 2023

Israeli supermarket chain Shufersal has reported a 2.4% increase in group revenue in the first nine months of the year, to NIS 11.3 billion (€2.76 billion).

Operating profit also rose, totalling NIS 441 million (€107.7 million) in the nine month period, and NIS 138 million (€33.7 million) in the third quarter.

"We conclude the third quarter of 2023 with an increase in revenues and an improvement in the profit indicators in accordance with the efficiency plan we implemented," commented Itzik Abercohen, chairman of the Shufersal board of directors and Uri Waterman, CEO of the Shufersal Group.

"This plan allows for the optimisation of the expense structure as well as the deepening of the synergy between the various activities of the group."

Hamas Conflict

The group said that it has seen 'no material impact' on its operations as a result of its conflict with Hamas, which recently entered its seventh week.

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It added that it has worked to provide aid and donations to support evacuees, security forces and the families of Israelis that have been kidnapped, as well as instigating an aid plan for farmers.

"In the shadow of the ongoing war, the chain's branches operated and operate normally," Abercohen and Waterman added. "Shufersal manages its routine activity as a vital enterprise and as a leading food retail group committed to the nutritional security of all the country's residents."

The retailer noted that in the first week of the conflict, it experienced a 'sharp increase' in demand from its store network, which normalised in subsequent weeks – with shoppers stocking up on food and other basic consumer products.

"In the company's estimation, no significant impact is expected on the company's activities and results due to the war," Abercohen and Waterman said.

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Online Sales

Elsewhere, sales through the group's Shufersal Online business accounted for around 17.9% of total sales in the third quarter of the year, which was down from 18.9% in the corresponding period last year.

For the nine-month period, online sales accounted for 18.2% of total retail sales (down from 19.8%).

Private-label sales in the third quarter held a share of approximately 26.5%, the group added, down from 26.7% in the same period last year. Shufersal added that it 'continues to expand and strengthen the private brand, including the launch of products in existing and new categories'.

Read More: Shufersal Cancels Deal To Set Up SPAR Supermarkets In Israel [Photo by Hanay/Wikimedia]

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