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UPDATE 1-Spain's Dia bucks downturn to almost triple profit
October 29, 2012 / 7:41 AM / 5 years ago

UPDATE 1-Spain's Dia bucks downturn to almost triple profit

* Quarterly like-for-like sales rise 1.1 pct in Iberia

* Emerging market same-store sales up 14.2 pct (Adds detail on sales)

MADRID, Oct 29 (Reuters) - Spain’s biting recession and strong growth in emerging markets allowed supermarket chain Dia to almost triple nine-month net profit to 99.2 million euros ($116.90 million), the company said on Monday.

The discount chain, which has done well as crisis-hit Iberian shoppers turn away from more expensive stores, made nine-month sales of 7.6 billion euros and earnings before taxes, interest, depreciation and amortisation (EBITDA) of 415.6 million euros.

Dia - spun off by France’s Carrefour last year - said same-store sales growth in its biggest markets Spain and Portugal was 1.1 percent in the third quarter over the same quarter last year.

In its emerging markets Argentina, Brazil, Turkey and China - where it makes a quarter of its business - same-store sales in the July-September period climbed 14.2 percent on an annual basis.

A Reuters poll of seven analysts had forecast nine-month net profit of 86.3 million euros on sales of 7.6 billion euros and EBITDA of 412 million euros.

$1 = 0.7733 euros Reporting By Sarah Morris

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