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JERUSALEM, Feb 22 (Reuters) -
* Shufersal, Israel's largest supermarket chain, said on Wednesday net profit was up in the fourth quarter, boosted by its private label products that now account for more than a fifth of all sales.
* The company posted net profit of 96 million shekels ($25.9 million), up from 77 million shekels a year earlier. Revenue slipped 1.9 percent to 2.87 billion shekels.
* The company said it will pay a dividend of 160 million shekels.
* The company also said its board of directors approved entering negotiations to buy drug store chain New-Pharm Drugstores from Hamashbir 365 Holdings.
* Same store sales in the quarter dropped 2.4 percent.
* Shufersal is controlled by holding company Discount Investment Corp. ($1 = 3.7038 shekels) (Reporting by Ari Rabinovitch)