Spain's Dia says Q1 net profit up 19 percent

MADRID Tue May 7, 2013 1:52am EDT

MADRID May 7 (Reuters) - Spanish retailer DIA, the world's third biggest discount grocer, on Monday reported first quarter adjusted net profit of 28 million euros ($37 million), up 19 percent from the same period in 2012.

Dia has flourished in its home market despite a recession, thanks to its cheap pricing in a country where 27 percent of the workforce is unemployed. Sales in Spain grew 3 percent to 1.2 billion euros during the period. ($1 = 0.7659 euros) (Reporting By Sonya Dowsett; Editing by Tracy Rucinski)