Spanish discount retailer DIA has recorded an increase in first-quarter profits, on the back of higher sales in Spain and an improvement in emerging countries. 

Net profit for the three months to the end of March amounted to EUR14.2m (US$18.4m) compared to a net profit of EUR4.1m the same period last year. Dia attributed the increase to a “good business performance” in Spain, coupled with an “improvement” in emerging countries.

EBITDA rose 14.6% to reach EUR113.5m, while net sales climbed 6% to EUR2.46bn.

In Spain, gross sales reached EUR1.17bn, up 6.8%, while total sales in Argentina, Brazil, Turkey and China grew 25.2% to EUR802m.

“These results reveal the good job we are doing month after month in improving the efficiency of our business model, while implementing the most attractive and competitive commercial offer for our clients,” said Dia CEO Ricardo Currás.

Click here to read the full earnings release.