Super-Sol Ltd, one of Israel’s leading supermarket chains, today [Monday] released financial statements for the fourth quarter ended 31 December, 2001.

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Revenues in the fourth quarter of 2001 reached NIS1.64bn (US$351.3m), an increase of 7.7% compared to NIS1.52bn in the fourth quarter last year. The increase in revenues resulted mainly from the contribution of new stores. Same-store sales increased by 0.6% during the quarter, compared to the same period last year.


Gross profit was NIS445m, an increase of 6.2% compared to NIS419m in the fourth quarter last year. Gross margin was 27.5% for the quarter, compared to 27.9% last year.


Operating profit for the fourth quarter reached a record NIS84m, an increase of 11.3% compared to NIS76m in the same period last year. The operating margin increased to 5.2% compared to 5% last year.


EBITDA in the fourth quarter of 2001 reached a record NIS130m, an increase of 8.3% compared to NIS120m in the fourth quarter last year.

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The company’s net profit for the fourth quarter was NIS51m, an increase of 13.9% compared to NIS44m during the same quarter last year.


The company’s fully-diluted earnings per share for the fourth quarter were NIS0.25 per share (or NIS1.25 per ADR), an increase of 13.4% compared to NIS0.22 per share (or NIS1.10 per ADR) during the same period last year.


Commenting on the results, the Chairperson of Super-Sol’s board of directors, Ms Dalia Lev, said: “Super-Sol’s results are good, especially considering the slowdown of the Israeli economy.”


Super-Sol’s CEO, Amiaz Sagis added: “During 2001, as part of the company’s growth policy, the Company opened eleven new stores with a total floor space of approximately 25,000 square meters, in the formats Cosmos, Super-Sol, Birkat Rachel and Hyper-Netto. The company intends to open about twelve stores during 2002.”