Nov 4 Israel's largest supermarket chain, Shufersal, swung to a third-quarter net profit after changing strategy and implementing cost-cutting measures, the company said on Wednesday.
Its profit was 47 million shekels ($12 million) versus a loss of 24 million a year earlier. Revenue was flat at 3 billion shekels.
The company said it has been implementing an efficiency plan including reducing expenses, improving its terms vis-à-vis suppliers and promoting its private label.
Same store sales rose 1.4 percent.
Shufersal is controlled by holding company Discount Investment Corp. ($1 = 3.8742 shekels) (Reporting by Tova Cohen)