July 27, 2016 / 5:51 AM / in 2 years

Spanish grocer DIA posts 2.3 pct net sales drop in first half

MADRID, July 27 (Reuters) - Spanish discount grocer DIA on Wednesday reported a 2.3 percent drop in net sales for the first half of the year to 4.2 billion euros ($4.6 billion), in line with forecasts, while second quarter like-for-like sales were positive in all markets.

Outside its home market the supermarket group operates in countries such as Argentina and Brazil, where unfavourable currency swings have hurt earnings when converted into euros.

DIA said adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 0.4 percent to 267 million euros in the January to June period from a year earlier, also in line with analysts’ forecasts. ($1 = 0.9095 euros) (Reporting by Sarah White, Editing by Paul Day)

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