Dia reduced its losses by 44.2% during the first half of this year, reaching 104.8 million euros. At the same time, the supermarket chain’s sales fell 9.1% to 3,193.7 million euros, affected by the 6.4% reduction in the number of stores and the devaluation of the Brazilian real and the Argentine peso . As reported by the company this Wednesday to the National Securities Market Commission (CNMV), comparable sales (like-for-like, in financial jargon) fell by 5%, although Dia specifies that this reduction is affected by the fact that the comparison is made with one year, 2020, of extraordinary supply purchases due to the coronavirus.
The gross operating result (Ebitda) reached 142.7 million until June, 19.3% less. In Spain, the chain’s net sales stood at 2,089.7 million euros in the first half, 7.7% less.
The group highlights that thanks to the success of its capital increase and the debt refinancing completed in August and September, respectively, it has managed to reduce its net debt by 1,028 million euros. According to the company, this global operation represents the largest financial milestone undertaken by the company in the last two years, establishes a solid long-term capital structure and provides the firm with additional liquidity to continue its profound transformation process.
The CEO of Dia, Stephan DuCharme, has affirmed that the closing of the global agreement around the capital structure and the refinancing of the group represents a “strategic milestone” for the company and the culmination of a “complex” process for the improvement of its capital structure that supports the acceleration of the business transformation and the group’s growth plans. The company, as explained by the manager in a statement, is systematically implementing the strategic roadmap announced in May 2020 through a series of “wide-ranging” initiatives, both commercial and operational as well as in the field of franchise and technology in the four geographic zones.
According to the results report sent to the CNMV this Wednesday, the chain owned by the Letterone fund, owned by the Russian magnate Mikhail Fridman, continued with the rationalization of its network of stores and on June 30 it was already down from 6,000 establishments. 3,837 stores are located in Spain, adding own establishments and franchises. In Argentina it has 904 stores, 753 in Brazil and 499 in Portugal. Adding the four markets, during the second quarter of 2021 (from April to June), it closed 107 stores.