Lithuanian-based retailer Maxima Group has seen its consolidated retail turnover increase 0.2% in full-year 2016 to €2.68 billion, the company has announced.
Most of the company’s regional operations saw growth: Latvia (+1.9%), Estonia (+1.2%), Bulgaria (+22.1%) and Poland (+6.1%), however, it fell back in the group’s home market of Lithuania (-2.1%).
Maxima Lithuania remains the largest business within the group, posting retail turnover of €1.4 billion. Its Latvian operation saw turnover of €689.3 million.
In Bulgaria, where the company saw the biggest growth, it opened 14 new stores over the course of the past year, as part of an expansion drive.
“In 2016, the number of trade sites and trade area rapidly grew in the Baltic States,” said the newly appointed CEO of Maxima Grupė, Robertas Čipkus. “This growth was particularly notable in the Lithuanian market. Meanwhile, demographic trends in the Baltic States show negative prospects because the population continues to decrease.
“In 2017, competition in the markets where we operate will continue to increase, but we see good assumptions for sustainable development: the macroeconomic environment should remain stable, while household consumption continues growing.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
