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Maxima Grupė Sees Revenue Up 6.5% In First Half

By Dayeeta Das
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Maxima Grupė Sees Revenue Up 6.5% In First Half

Lithuania’s Maxima Grupė has reported year-on-year revenue growth of 6.5%, to €2.18 billion, in the first half of its financial year ended 30 June 2021.

The company’s consolidated like-for-like retail revenue increased by 2.3% (2.5% at constant exchange rates), despite COVID-19 related restrictions still impacting sales.

Karolina Zygmantaitė, Maxima Grupė’s chief financial officer, said, “[The retail] group was able to maintain its profitability levels stable, despite challenges of continued COVID-19 pandemic and increased tax burden due to introduced retail tax in Poland.”

Regional Performance

Revenue in the Baltics grew by 5.7%, with all countries in the region demonstrating positive LFL growth, with Lithuania reporting LFL growth of 3.5%, followed by Estonia at 1.6% and Latvia at 0.2%.

LFL growth in Latvia remained to be impacted by strict measures related to COVID-19, the company noted.

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Maxima Grupė continued its expansion in Poland in the first half and witnessed revenue growth of 8.3% (11.4% at constant exchange rates) in the country.

In Bulgaria, revenue increased by 8.9%, driven by new store openings in the past twelve months.

Both countries witnessed solid LFL revenue growth, with Poland’s LFL at 2.5% (3.7% at constant exchange rates) and Bulgaria’s at 2.1%.

E-Commerce Sales

The company’s e-commerce channel posted a sales growth of 71.3% in the first half of 2021, compared to the same period last year, driven mainly by the performance of e-grocer Barbora in the Baltics.

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Barbora launched operations in the Polish capital, Warsaw, in this period.

The business continued to expand in Poland at the beginning of the second half by entering four cities – Gdansk, Gdynia, Sopot and Łódź.

Last month, Maxima Latvija announced plans to increase its sourcing capabilities from Latvian producers, investing some €30 million in sourcing local products.

In July, the company was awarded a platinum rating in the Sustainability Index, based on its performance and positive impact on society, the environment, and Latvia as a whole.

© 2021 European Supermarket Magazine. Article by Dayeeta Das. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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