Lithuanian retailer Maxima Grupė has seen its turnover decrease in its home market by 1.4% to €1.503 billion, however the group’s businesses in other markets all saw growth.
In Bulgaria, turnover increased 22.1% to €88.5 million, while in Poland, turnover was up 6.2% to €48.2 million. In Estonia, the group posted a turnover increase of 1.1% to €445 million, while in Latvia, turnover was up 0.7% to €694 million.
Consolidated Turnover
Overall consolidated turnover was 0.4% higher, at €2.693 billion, excluding VAT, while consolidated net profit after tax was €33 million.
Commenting on the group’s performance, chief executive Robertas Čipkus said, “Operating under the increased competition in 2016, Maxima Grupė companies were actively transforming their business. Corporate governance structure was reorganised and the management of subsidiary companies in Lithuania, Latvia, and Estonia was strengthened.
“The active business development has been implemented in Bulgaria and the reorganisation of business started in Poland.”
Čipkus added that the turnover of Maxima Grupė “remained stable, while the decreased profits of the group were mainly influenced by unusual one-off costs.
Store Count
As of the end of 2016, the group managed 552 stores in total, of which 237 are located in Lithuania, 150 in Latvia, 74 in Estonia, 61 in Bulgaria and 30 in Poland. This is up from 535 stores at year-end 2015.
“We see great opportunities for further business growth in 2017,” said Čipkus. “Macroeconomic situation in markets where our business enterprises operate remains stable, consumers’ expectations are improving, and consumption is growing.
“We will continue to expand business growth in foreign markets and to strengthen existing positions in Lithuania, where the largest part of the ‘Maxima’ business is located.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up for ESM: The European Supermarket Magazine.
