October 30, 2018 / 7:06 AM / 17 days ago

Spanish supermarket chain DIA posts 9-mth core profit down 24 pct

MADRID, Oct 30 (Reuters) - Spanish supermarket chain DIA posted a 24 percent drop in core profit for the first nine months on Tuesday, as it struggled with strong competition in its home market and inflation in Argentina.

DIA, which has failed to find a strategy to stem a steady loss of market share in Spain, reiterated the revised guidance for full-year adjusted core earnings of 350-400 million euros ($398-$454.8 million) it issued two weeks ago, when it made its third profit warning in 12 months.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 281.1 million euros from 370.2 million euros in the year to end-September 2017, the company said. ($1 = 0.8794 euros) (Reporting by Isla Binnie Editing by Jesus Aguado)

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