Lithuanian retailer Maxima Grupė has posted a 3.8% consolidated like-for-like sales growth in the first half of its financial year ended 30 June 2019.
The company's consolidated revenue grew by 23.9% to €1.9 billion, mainly driven by rapid expansion in Poland and the acquisition of the Stokrotka retail chain.
Retail revenue in the Polish market amounted to €424 million, the retailer said.
In the Baltics, the company saw a revenue growth of 4.6%, boosted by rapid expansion in Latvia, where its revenue grew by 8.2%.
Maxima emerged as the leading retailer in the country with a market share of more than 25%.
IFRS accounting standards
The implementation of the IFRS accounting standards, which the company adopted since the beginning of this year, resulted in a €48 million year on year increase in Maxima Grupė’s EBITDA in the first six months of its financial year.
The company's net profit decreased by €5 million, according to the new standard.
Excluding IFRS 16, the company's consolidated EBITDA declined by €1.7 million year-on-year compared to the same period in 2018.
Larger discounts on industrial goods and Lithuanian made products, and slower growth of turnover and lower profitability in Estonia contributed to the decline, the company added.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
