Sales Slide at Spain's DIA as Takeover Drags On

Sales slid and losses continued at Spain’s DIA in the first three months of the year, the supermarket chain said on Tuesday, as investors awaited the next step in a takeover bid by Russian tycoon Mikhail Fridman’s investment fund, Reuters reported. Squeezed by tough competition from domestic and foreign rivals who have invested heavily in their stores, DIA has failed to stem a haemorrhage of market share it built up by discounting during a prolonged recession. It reported a net loss of 144.4 million euros ($162.3 million) for January-March, in line with a previous estimate it gave in April, of 140-150 million euros. Like-for-like sales, a key measure of retailers’ performance, fell 4.3% from a year earlier. Progress in the bid by Fridman’s LetterOne (L1) fund to buy the roughly 70 percent of the company it does not already own would help stabilise the situation, DIA said in a statement. Read more