Maxima Latvija has reported a 6.5% year-on-year increase in turnover to €974.6 million in its financial year 2022.
The retailer described its growth as 'moderate', as it focused on ensuring low prices for food and essential items to reduce the overall impact of inflation on consumers.
It also invested in its store transformation project, including the rollout of the 'My Shop' concept to approximately 88 stores across Latvia during the financial year.
In 2022, the total investment in these and various other initiatives exceeded €24.5 million.
Read More: Maxima Latvija Introduces 'My Shop' Concept In 100th Store
The company's profit before tax decreased slightly to €31.9 million, due to an increase in general costs, as well as investment in pricing.
Karolina Zygmantaitė, member of the board of Maxima Latvija stated, "The past year has been full of challenges, with a significant impact on people's daily lives and economies around the world.
"Last year, we focused primarily on providing people with stability in the current economic climate, ensuring the lowest possible prices and making quality food and essentials accessible to everyone."
Other Initiatives
Maxima Latvija also implemented a number of initiatives to support refugees from Ukraine, by providing jobs for those who arrived in Latvia.
It also collaborated with Ziedot.lv and the Ukrainian Embassy in Latvia to offer support to Ukrainian residents.
The company invested over €500,000 in various social initiatives aimed at promoting healthy lifestyle habits among children and young people, as well as environmental education and local community initiatives.
Commenting on the company's plans for 2023, Zygmantaitė said, "This year, we will continue to focus on providing customers with the lowest possible prices and rolling out the 'My Shop' concept, with the majority of stores adapted by the end of the year. This year we will also continue to invest in the well-being and growth of our employees.
"In 2022, we have allocated almost €7 million for this purpose, increasing employee remuneration, and providing various additional benefits and support programmes for the growth of the company's employees.
"In 2023, we have increased the remuneration fund and, although the process is still ongoing, we have already increased the remuneration of more than 90% of employees."
© 2023 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
