Executive Summary

• DIA reported 3Q16 net revenues of €2,320.5 million, below the consensus estimate of €2,349.4 million, but up 0.8% year over year, including currency effects. At constant currencies, sales grew by 8.7%.
• The increase was mainly driven by positive performance in the emerging markets, as sales in its home country of Spain and in Portugal declined by 1.7%.
• Net profit in 3Q16 grew by 17.2% year over year, to €47.7 million. The company said it will focus on sales growth in the last quarter, and expects adjusted EBITDA to grow 4–5% for FY16.