H1 Results: Revenues Up 10.8% to NIS 3.7B; 4.4% Same Store Sales;
4.8% Operating Margin 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:
DATASOURCE: Blue Square Israel Ltd CONTACT: Blue Square-Israel
Ltd., Dror Moran, CFO, Toll-free telephone from U.S. and Canada:
888-572-4698, Telephone from rest of world: +972-3-928-2220, Fax:
+972-3-928-2299, Email:
Copyright