Italian regional retailer Maiora reported a 65% increase in annual profit for 2023, reaching €20 million.
Revenues grew by 7.4% to €833 million, while EBITDA rose by 39% to €54 million.
As part of its strategic expansion, Maiora is investing €44 million between 2023 and 2024 to modernise its store network and open new locations. The company's five-year industrial plan, launched in 2021, aims to upgrade over 30 stores to the modern 'Format 35' standard.
By the end of 2024, Maiora, which operates the SPAR brand in central-south Italy, expects to operate over 550 stores and 14 Cash & Carry outlets, creating 400 new jobs.
Maiora is also transitioning to a benefit corporation structure, aligning its operations with its corporate values and ambitions.
Board Of Directors
The retailer has also announced the composition of its board of directors, appointing Felicia Ileana Cannillo, Marco Peschechera, Luigi Peschechera, Grazia de Gennaro, and Giuseppe Peschechera to key leadership positions. Franco Cannillo, owner of the Cannillo Group, will serve as President, while Pippo Cannillo will continue as CEO. Nicola Peschechera will retain his role as president emeritus.
In line with its strong commitment to ESG principles, Maiora is focusing on reducing its environmental impact, promoting sustainable products, contributing to community health, and transforming its business model to become low-emission.
'Ambitious Projects'
“We have undertaken ambitious projects in 2024 to invest in our growth path," commented Pippo Cannillo, CEO of Maiora. "Furthermore, the credibility of our group, which we are certain will increase further with the transition to a Benefit Company, will translate into even greater responsibility towards the territory in which we operate."
Maiora operates in Central and South Italy under the Despar and Altasfera banners.
