Maxima Grupė has reported an 18% year-on-year increase in revenue, to €2.8 billion, in the first six months of its financial year.
Nearly half of its revenue growth was generated by the positive performance of the Stokrotka retail chain, which, in turn, was driven by several years of expansion in Poland, the company noted.
Maxima Grupė stores in the Baltic countries saw an increase in customer traffic as well as an increase in the average shopping basket, the company said.
The company's consolidated like-for-like (LFL) retail revenue grew by 15.7% at constant exchange rates.
EBITDA for the period amounted to €233.9 million, while EBITDA margin reached 8.2%.
First-Half Highlights
The company continued to strengthen its private-label assortment and simplify its operational processes in the first half.
In April of this year, it launched a new private-label brand named Well Done, with the aim of adding 700 different SKUs to its shelves at attractive prices.
In May 2023, Maxima launched a one-window principle for contacting Baltic suppliers, enabling faster communication and more efficient assortment planning and purchasing processes.
Renovation And Expansion
The company renovated 54 stores during the first six months of 2023, taking the total number of stores converted to the new format across Baltic countries to 332.
In the first half of 2023, the company opened 33 new stores in Poland, five in Bulgaria, and two new 'Maxima' format stores in Estonia.
The total investment in expansion and store refurbishment amounted to €56 million and was around €6 million higher than in the first half of 2022.
Most of the investments were allocated to the expansion of the Polish store network, the company noted.
