date:May 13, 2014
Shufersal, Israel's largest supermarket chain, reported a 42 percent drop in quarterly net profit on Monday due to the timing of the Passover holiday, intensifying competition in the sector and a weakening Israeli economy.
Formerly known as Super-Sol, the company posted first-quarter net profit of 32 million shekels ($9.3 million)down from 55 million a year earlier. Revenue fell 6 percent to 2.81 billion shekels.
Same store sales fell 6.5 percent in the quarter from a year ago due partly to th