Maxima Grupė has reported consolidated revenue growth of 4.7% in the first half of 2024, to €3 billion, compared to the same period last year.
Maxima Grupė attributed this growth to its ongoing expansion in Poland and Bulgaria, as well as increased sales in Lithuania and Latvia.
At constant currency, like-for-like (LFL) retail sales revenues grew by 2.2% year on year, the company noted.
The company described the revenue growth as 'moderate' as it was lower than last year, primarily due to a slowdown in consumption and decline in inflation, particularly in Estonia and Poland, as well as the discontinuation of Barbora's operations in Poland.
Revenue in the e-commerce division dropped by €8 million in this period due to the discontinuation of operations in Poland in March.
However, gross sales in Barbora’s online stores in the Baltics increased by €4 million, with an increase in active customers.
First-Half Highlights
Maxima's operations in Poland generated more than €920 million in revenue in the first half, accounting for the highest share in revenue growth at 11.2%.
Despite steady growth in revenue in the Stokrotka and T Market chains, like-for-like store turnover saw a slight increase due to increased competition and lower product prices.
In the Baltic States, like-for-like store revenue growth exceeded or matched the market growth rate, with Lithuania recording the highest LFL growth at 4.7%.
Group EBITDA in the first half amounted to €209 million, reflecting a 10.8% decline compared to the same period last year.
This decline was due to intense competition in the market and rising wages, which significantly impacted operating costs.
Investments
Maxima Grupė invested €109 million in fixed assets in the first half of 2024, or €53 million more than in the same period last year.
The investment funded the construction of Maxima's logistics centre in Lithuania, which commenced operations in June, as well as the renovation of larger stores and the acquisition of real estate where the group's stores operate.
Maxima opened 24 new stores in the first half, including 16 in Poland, five in Bulgaria, two in Lithuania, and one in Latvia.
