SPAIN: Recession Helps Dia Report Strong H1 Growth

Date: 21/09/2012 Comments: 0
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The continuing weakness in Europe has proved to be lucrative for the Dia chain, formerly owned by Carrefour, which reported strong growth for its fiscal first half. The world’s third-largest discounter was helped by more consumers shopping at its low-priced outlets.

For the six months ending June, net profit jumped up 18.5% to €61.7m, with adjusted EBITDA growing by 11.5% to €260.6m, and sales rising by 6.9% to €5.75bn (+6.9% on an organic basis).

Dia highlighted the “good performance of operating income” in Iberia, Argentina and Brazil. In particular, it noted that it did well in Spain, with sales up 6%, in contrast to most rivals. CEO Ricardo Curras added: “While conditions are volatile, DIA is steadily moving ahead.”

The chain operated 6,923 outlets in seven countries at the end of the half.

Source: NamNews

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