Pre-tax profit for the 28 weeks to July 12 came in at £101m compared to a loss of £375m last year.
Turnover increased by 2.4% from £26.8m to £27.4m. Shoprite said turnover rose despite “fiercely competitive market conditions”.
The group added that “further uncertainty” had been created by the prospective takeover of Safeway.
Over the past six months Shoprite has completed the re-merchandising of its Douglas store with an increased focus on the fresh food offer.
The development of a new 12,500sq ft store in Village Walk, Onchan, was “proceeding well’ with work due to start before the end of the year.