Maxima Grupė Reports Double-Digit Revenue Growth In FY 2023

By Dayeeta Das
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Maxima Grupė Reports Double-Digit Revenue Growth In FY 2023

Maxima Grupė has reported a 13% increase in consolidated revenue to €5.8 billion in full-year 2023.

Nearly half of the group’s revenue growth resulted from a turnover increase in the Stokrotka retail chain, the company noted.

Consolidated EBITDA increased by almost 30% to €479 million, driven by increased revenue due to higher average basket sizes and customer traffic to stores, as well as reduced energy expenses and improved efficiency across store and logistics operations.

EBITDA margin returned to its year 2021 level of 8.2%, which is one percentage point higher than in 2022, the retail group noted.

Manfredas Dargužis, CEO of Maxima Grupė, stated, "High inflation and reduced consumption in the markets where the group operates in 2023 prompted the group's companies to focus on implementing new sales promotion strategies and offering attractive pricing to customers.


"The group also continued with the previously set goals: expansion in Poland and Bulgaria, standardisation of store formats, development of private labels, and streamlining of business processes."

Divisional Performance

The company added that it focused on Poland and Bulgaria for its expansion initiatives.

In Poland, the company added 60 stores to its network and saw revenue growth of 24.7% in full-year 2023.

Maxima added 12 stores to its network in Bulgaria, where revenue increased by 15% during the financial year.


Additionally, the retailer opened two new stores in the Baltics: two each in Lithuania and Estonia.

Revenue in the Baltics increased by 8.7%, with Lithuania seeing growth of 7.9%, Latvia at 10.1%, and Estonia at 8.6%.

Revenue from the group's e-commerce channels grew by 5.5%.

The group invested more than €168 million in expansion and store renovation during the year, up 45% compared to 2022.

Last year, the company commenced the construction of a 46,000-square-metre logistics centre in Lithuania, with a planned investment of €70 million.

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