SPAIN: DIA Reports Improved Q1 Results

The Dia chain has reported improved results for its fiscal first quarter, but continued to be hurt by currency fluctuations in international markets.

For the quarter, sales were down 5% to €2bn, but they grew by 9% on a constant-currency basis.  Adjusted EBITDA was down 1.2% to €117m.

The group said results in its home market and in Portugal were stronger, but revenues were hurt by the early Easter.  However, CEO Ricardo Curras added: “Dia has started the year on a very good footing”.