Distribuidora Internacional de Alimentación (DIA) Q3 2024 TU earnings summary

Executive summary

• Gross sales under banner for Q3 2024 reached €1,778 million, up 1.8% year-over-year in continued business, driven by strong growth in Spain that offset declines in Argentina.

• Year-to-date gross sales under banner totaled €5,726 million, with Spain outperforming the market and Argentina facing macroeconomic headwinds.

• The group completed the exit from Brazil, Portugal, and Clarel, impacting consolidated sales figures.

Financial highlights

• Spain's Q3 gross sales under banner rose 4.3% year-over-year, with like-for-like sales up 4.4%.

• Argentina's Q3 gross sales under banner fell 5.0% year-over-year, with like-for-like sales down 24.9% in units.

• Group net sales for Q3 2024 were €1,335.6 million, down 7.0% at current exchange rates but up 36.9% at constant rates.

• Year-to-date group net sales reached €4,558.4 million, down 16.7% at current exchange rates but up 27.4% at constant rates.

Outlook and guidance

• Management expects continued organic growth and aims to deepen customer loyalty for the remainder of 2024.

• Economic and consumption recovery in Argentina is anticipated by late 2024 or early 2025 as inflation moderates.