Lithuania-based Maxima Grupė has posted a 4.2% increase in group turnover to €2.8 billion for full year 2017, an increase of 4.2% on the previous year.
Consolidated net profit for the full year stood at €75 million, and the business invested around €70 million in capital expenditure last year, largely to upgrade its store portfolio, as well as open new outlets.
“Stable earnings growth has allowed the group to focus on expanding its operations by opening new stores and renovating old ones, improving customer service, and installing modern in-store solutions," commented Dalius Misiūnas, chairman of the board and CEO of Maxima Grupė.
"Our aim is for Maxima Grupė, while maintaining its market leadership in the Baltic countries, to continue growing and successfully establishing itself in new markets. The pillars of the group’s strategy are expansion, growth in value, and strengthening of the organisation."
Divisional Performance
All the company's regional division posted sales growth last year, with its T-Market chain in Bulgaria increasing sales by almost a quarter, to €111 million.
In Poland, its Aldik operation rose by 9% to €52 million.
Its Maxima chain maintained its 'market-leading status' in several Baltic countries, with turnover in Latvia up 4% to €723 million, Estonia turnover up to €464 million and Lituania turnover rising 1.7% to €1.53 billion.
Some 17 new stores were opened in the full year, bringing the total number of outlets operated by the group to 568 by year-end.
Its Barbora e-commerce operation posted revenue of €19.9 million last year, which was 36% higher than the previous year.
In April of this year, Maxima Grupė became the main shareholder of the Polish company Emperia Holding S.A., which operates the retail chain Stokrotka, following the acquisition of 93.7% of its shares for €276 million.
© 2018 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
