REGION: Maxima grows across markets in 2015 | Progresiv
Baltic retailer Maxima has reported its 2015 results, revealing that consolidated turnover excluding VAT grew by 3.6% to 2.677 billion euros. The retailer revealed that turnover increased in all countries, including Lithuania, Latvia, Estonia, Bulgaria and Poland. 
During the year, Maxima opened 25 new stores and redeveloped a further 16 stores. As of the end of 2015, Maxima operated 535 stores, 233 in Lithuania, 148 in Latvia, 75 in Estonia and 48 in Bulgaria and 31 in Poland.
Investment in store development and maintenance last year was 75.2 million euros, with almost half of the investment being spent in Estonia. This contributed to the development of a new logistics centre and large format store openings.
Estonia was the highest performing market in the Baltics for Maxima in 2015, with turnover increasing 9.7% to 440.8 million euros excluding VAT. Sales in Lithuania, the retailer’s largest market, increased by 1.8% to 1.443 billion euros excluding VAT. Here the company focused on improving its price competitiveness and the quality of its stores. In Latvia, turnover grew by 2.3% excluding VAT to 676.1 million euros. This was largely driven by performance in the retailer’s Maxima XX stores, which grew by 7.1%. In Bulgaria, turnover increased by 10.4% to 72.4 million euros excluding VAT. Going forwards, Maxima will look to further develop its business in the market and drove efficiencies. In Poland, sales grew by 18.9% to 44.8 million euros, largely driven by the opening of new stores and the renovation of existing ones.
Commenting on the results, Maxima Group General Manager N. Janavičiūtė commented that‘in all countries, the objective is not only to increase competitiveness, improve business processes, but also to improve the company's reputation, strengthen relationships with local communities, to raise workers' professional and leadership competencies, and create a company founded on the values of work culture'. (www.igd.com)
