September 16, 2019 / 6:33 AM / a month ago

Spanish retailer DIA posts 7% fall in first-half sales

MADRID, Sept 16 (Reuters) - Spanish retailer DIA posted a 7% fall in first-half sales on Monday, but said a key indicator of its performance was starting to recover and promised to present an updated long-term business plan at the end of the year.

Years of lagging peers who lured customers by investing more heavily in their stores had brought the retailer to the brink of insolvency just days after Russian tycoon Mikhail Fridman’s LetterOne (L1 fund) raised its stake to 70% in May.

The company said same-store sales, one of the sector’s most vital statistics, gradually started to pick up in July and August after posting a record fall of 15.5% in June.

It posted a net loss for the first half of 418 million euros ($462.85 million). ($1 = 0.9031 euros) (Reporting by Isla Binnie; Editing by Muralikumar Anantharaman)

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