DIA (BME: DIA) 1Q17 Results: Strong Performance in Emerging Markets Lifts Sales

Executive Summary

• DIA reported 1Q17 net sales of €2,096.0 million, slightly below the consensus estimate of €2,161.8 million and up by 6.2% as reported (up 2.2% excluding currency effects). Strong performance in emerging markets drove sales.
• The adjusted EBITDA margin softened by 11 basis points and net profit fell by 9.8% as reported (down 10.1% at constant currency).
• DIA reaffirmed its targets for FY17.