DIA: Q1 2016 (first take): it may be psychological, but still negative LFL in Iberia (-0.3% LFL)

NEUTRAL, Fair Value EUR6,5 (+35%)

News published on May Thursday 12, 2016
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LFL “ex-calendar” worked out at +7.0% in Q1 2016, , with strong double-digit rates in Emerging Markets (+15.7% / helped by inflation) and a -0.3% decline in Iberia. At -0.3% LFL, it may be psychological, but we are still negative on Iberia

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