Spanish grocery retailer DIA said that its net loss narrowed in 2020 as a business reorganisation helped offset the negative effects of the COVID-19 pandemic.
DIA's net loss was €364 million last year, compared to €791 million in 2019, the company said.
The management attributed the smaller loss to a programme that included closing some stores, focussing on fresh produce and giving more leeway to store managers and franchise holders.
"Our financial results demonstrate the progress that DIA has made in achieving its multi-year roadmap," commented DIA president Stephan DuCharme.
"Having laid the groundwork in 2019, in 2020 we have introduced operational and business improvements in the four countries in which we operate, led by the country-level leadership teams."
The retailer said the pandemic hurt its business in Spain and Portugal as travel restrictions led to a record fall in foreign tourists. The weakening of the Argentine and Brazilian currencies also left an €85 million gap in its bottom line.
"In 2021, we will continue to focus on improving our position as a modern local supplier, through innovative solutions in the commercial and online sales areas, offered through our motivated franchisees and employees, and getting closer to our customers every day," DuCharme added.