Discount retailer Dia has reported a jump in annual profits for 2011, the year in which it was spun off by Carrefour.
The Spain-listed company, which has over 6,800 stores in seven markets, booked adjusted net profit of EUR156.2m (US$210.2m), up 14.2% on 2010. Adjusted EBITDA increased 10.1% to EUR558.4m.
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Net profit, which includes non-recurring items including restructuring and impairment costs, more than doubled to EUR94.4m.
The increase in profits came on the back of higher sales. Net sales were up 2% at EUR9.78bn. By the end of 2011, Dia had 6,833 stores, a 7.2% increase on 2010. It had 2,584 franchised outlets, 514 more than in 2010 but had 54 fewer stores at 4,249. It did not provide a figure for like-for-like sales or how much they had changed when compared to 2010.
The retailer said it had achieved its target of having over 6,800 stores by the end of the year. It is planning to open 425-475 outlets this year and is targeting having 8,000 outlets by the end of 2013 or soon after.
By the end of 2011, Dia had more stores in six of its seven markets. In France, it had 20 fewer outlets due to having 89 fewer of its own stores.
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By GlobalDataFrance was also the only of the seven markets in which Dia’s net sales fell, dropping 6.4%.
