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CORRECTION - Alon Holdings Blue Square Israel Ltd: Alon Holdings Blue Square - Israel Ltd. Announces Financial Results For The First Nine Months And Third Quarter Of 2011

ROSH HA-AYIN, Israel, November 29, 2011 /PRNewswire/ --

In the news release, "Alon Holdings Blue Square - Israel Ltd. Announces Financial Results for the First Nine Months and Third Quarter of 2011" issued on 28 Nov 2011 12:32 GMT, by Alon Holdings Blue Square Israel Ltd NYSE:BSI over PR Newswire, we are advised by a representative of the company that the "Supermarket segment revenues" information sections now include the following sentences, "Sales per square meter amounted to NIS 13,691 (U.S. $3,688) in the first nine months of 2011, compared to NIS 13,998 in the comparable period last year." and "Sales per square meter amounted to NIS 4,524 (U.S. $1,219) in the third quarter of 2011 compared to NIS 4,898 in the comparable quarter last year." Complete, corrected release follows:

Alon Holdings Blue Square-Israel Ltd. (NYSE and TASE: BSI) today announced its financial results for the first nine months and third quarter ended September 30, 2011.

  • As a result of the inclusion of the results of Dor Alon, and the creation of the largest retail group in Israel, the Company's sales in the first nine months of 2011 amounted to NIS 9,443 million (U.S. $2,544 million) (increase of 71%) and the operating profit amounted to NIS 270 million (U.S. $72.8 million) (increase of 40% compared to the comparable period last year).
  • In the Supermarket segment the same store sales (SSS) decreased in the first nine months of 2011 by 0.8% compared to the comparable period last year. In the third quarter of 2011 the same store sales decreased by 6.6% 1 compared to the comparable quarter last year mainly due to the public protest in Israel that commenced at the end of the second quarter this year caused a decrease in selling prices to consumers and decrease in demands and due to the timing of the Tishrey Holidays 2, the effect of which was reflected in the third and fourth quarter this year and were fully included in the third quarter last year. Dor Alon's operating profit increased by 7% in the third quarter of 2011 compared to the comparable quarter last year. Effective September, marketing margin was eroded as a result of the government decision.  
  • As a result of an investment in option for the purchase of 49% of Diners Israel, The Company recorded in the first half of 2011 financial income from revaluation of the option. In the third quarter, once the agreement came into force and the option was exercised, the Company recorded a tax benefit.
  • The net income in the first nine months of 2011 amounted to NIS 150 million (U.S. $40.4 million) (increase of 145%).

1. Gross sales in stores that operated fully in both periods.

2. Tishrey Holidays – are the holidays during the first month of the Jewish calendar.

KEY FIGURES for the nine months and the third quarter compared to the comparable periods last year (the statements of Dor Alon were consolidated for the first time in the fourth quarter of 2010):
                                               The                       The
                                             rate of                   rate of
    Data in NIS (millions) 1-9 2010 1-9 2011 change  7-9/2010 7-9/2011 change
              Net revenues  5,520    9,443    71.1%   1,921    3,227     68%
              Gross profit  1,573    2,226    41.5%     546      745   36.4%
      Rate of gross profit   28.5%    23.6%            28.4%    23.1%
          Operating income
       (before other gains
    and losses and changes
          in fair value of
      investment property)    192      270    40.6%      57       72    26.3%
         Rate of operating
                    income    3.5%     2.9%             3.0%     2.2%
       Financial expenses,
                       net    107      135    26.2%      51       79    54.9%
        Net income for the
                    period     61      150   145.9%       3       40   1,233%

Results for the First Nine Months of 2011 [3]

Gross revenues

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