Spain's DIA posts net sales of 5 billion euros in the first nine months | Progresiv

Spanish retailer DIA has seen a 7.4% year-on-year decline in net sales to 5.08 billion euros in the first nine months of 2019.

The company incurred a net attributable loss of 504.3 million euros due to various factors including the restructuring of its store network.

The adjusted EBITDA amounted to 48.3 million euros, 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. (www.esmmagazine.com)