Shufersal, Israel's largest supermarket chain, reported a 76% increase in quarterly net profit, boosted by record revenue due to a jump in online shopping resulting from the coronavirus pandemic.
Shufersal said on Wednesday it earned 97 million shekels ($29 million) in the third quarter, up from 55 million a year earlier. Revenue rose 14.5% to 3.9 billion shekels ($1.175 billion), while same-store sales increased by 13.6%. Online sales accounted for 20.8% of its total food sales in the quarter, up from 14.8% a year earlier.
Follow Israel Hayom on Facebook and Twitter
CEO Yitzchak Abercohen said the results reflect Shufersal's ability to cope with a crisis as a matter of routine. Investments in infrastructure are bearing fruit and have allowed the company to grow, he said.
