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Hold me back!
The heavy hand of the recession was palpable in the financial statements of one of Israel's strongest, most profitable companies.
Retailer Supersol (NYSE, TASE:SAE) (SAE Quote) and its arch-rival Blue Square Israel (TASE, NYSE:BSI) have a death-grip over the Israeli food industry, yet the former was forced to admit that its operating profit plunged by 55% in the second quarter due to a 10% slide in same-store sales.
The second half will be just as sorry, apparently. The deepening recession and intensifying competition stand to make 2002 one of the worst years Supersol has known. Its pain is likely to be felt in all parameters ...
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