Spain's DIA Posts Net Sales Of €5bn In The First Nine Months
Spanish retailer DIA has seen a 7.4% year-on-year decline in net sales to €5.08 billion in the first nine months of 2019.
The company incurred a net attributable loss of €504.3 million due to various factors including the restructuring of its store network.
The adjusted EBITDA amounted to €48.3 million, excluding one-offs, the retailer said.
The company witnessed a recovery in like-for-like sales in the third quarter from -15.5% in June to -7.0% in October.
The recovery is mainly because of an improvement in the operating model of stores and warehouses, normalisation of relationship with suppliers, and reduction of out of stocks products in stores and warehouses.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.