July 26, 2018 / 7:13 AM / a year ago

Spain's DIA revises down full-year guidance

MADRID, July 26 (Reuters) - Spanish food retailer DIA on Thursday revised down its full-year guidance after reporting falling core profits in the first half of the year.

The firm removed from an earnings presentation its guidance of adjusted EBITDA growth in 2018 in Iberia and instead said it expected a decline in EBITDA margin in the third quarter and an improvement in the fourth quarter.

It also changed its guidance on emerging markets from “expansion acceleration” to “more cautious approach to expansion in Argentina” and said cash flow from operations would be below 2017 levels compared to a previous objective of double-digit growth.

DIA posted a 19 percent drop in first-half core profits to 225.7 million euros ($264.84 million).

$1 = 0.8527 euros Reporting by Julien Toyer Editing by Isla Binnie

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