Executive Summary

• DIA reported FY16 sales of €8,867.6 million, slightly behind the consensus estimate of €8,953.9 million and up by 9.0% excluding currency effects, but down 0.6% as reported.
• Adjusted EPS grew by 3.9% to €0.42 (up 6.1% excluding currency effects). Sales in DIA’s home country of Spain and in Portugal increased by 1.1%, but in emerging markets declined by 1.9% as reported (up 26.3% excluding currency effects).
• DIA expects “mid-single-digit growth in gross sales” for the coming fiscal year, as it intends to downsize its selling area in Spain and anticipates lower inflation in the emerging markets where it operates.