Dia Group Posts Sales Growth Of 10.5% In First Quarter
Spain's Dia Group has posted a 10.5% increase in sales in local currency in the first quarter of its financial year, with a like-for-like 'ex-calendar' growth of 7.0%, the highest since the company's listing.
The retailer recorded an EBITDA of €117 million in the period, which was boosted by a 36.9% increase in emerging markets.
“DIA started the year on a very strong note, achieving sales growth in each of its five markets and accelerating comparable sales growth both in Iberia and Emerging Markets," said group chief executive Riccardo Currás.
Currás noted that the group's recent format investment is "paying off", adding that Dia will "continue to invest sensibly in remodelling our stores. Cash generation is a priority for us in 2016 and the interim data of the first quarter is very promising, with a significant improvement in debt evolution, which in Q1 2016 was more than EUR100m better than the average of the past five years”.
In Iberia, gross sales under banner increased by 2.0% (+2.2% in Spain), with a 'strong improvement' recorded at the El Arbol stores that were transformed into the La Plaza de Dia concept.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.