Grocery retailer Shufersal posted results for the third quarter. Net profit plummeted 59% to ILS29m (£4.9m) from ILS71m (£12m) for the same period last year. Revenue was up 4% to ILS3bn (£509m).

It also announced that chief executive Ephraim Rosenhaus would step down after more than eight years in the job. Yitzchak Abercohen, executive vice-president of operations and supply chain, will replace him. Rosenhaus will act as an adviser to the retailer in the coming year.