Maxima Latvija has reported a 4.2% year-on-year increase in turnover, to €915 million, in its 2021 financial year.
The retailer invested more than €17 million in its operations in 2021, in upgrading several stores to a new format, improving the customer experience, employee development, and working conditions. It paid €42 million in taxes to the state.
Its pre-tax profit amounted to €32.7 million – down by 2% year on year – due to cost increases and the company’s investments in price reduction initiatives.
CEO Karolina Zygmantaitė commented, “Despite the market challenges, Maxima Latvija has maintained its leading position in the retail sector in 2021 – the company’s twentieth year of operation in Latvia. During the COVID-19 pandemic, one of our top priorities was to ensure the safety of our employees and customers.
“The introduction of a new format in 26 stores enabled us to provide a convenient shopping experience for our customers, thanks to a clear and easy-to-read store layout, an efficient assortment, and simplified store management processes for employees. This initiative, combined with low prices, has also been appreciated by our customers, who have recognised Maxima Latvija as their favourite retail brand in Latvia.”
The retailer continued to strengthen its existing COVID-19 safety measures during the financial year.
It invested €700,000 in implementing several new measures to reduce the spread of the virus and its impact on people’s daily lives and the economy.
The retailer also consolidated its cooperation with local producers by purchasing additional volumes of Latvian products.
The company collaborated with approximately 500 Latvian producers and offers nearly 10,000 Latvian products daily.
In the area of technology, the retailer developed a digital contactless shopping solution – ‘Scan&go’ or ‘Scan it yourself’ – allowing shoppers to scan an item via the Maxima mobile app and pay for goods at self-service checkouts.
It also continued to expand its self-service checkout network, for an improved customer experience and convenience for its employees.
Outlook For 2022
Commenting on the company’s outlook for 2022, Zygmantaitė said, “This year we will continue to introduce new store formats, ensure the availability of goods at low prices, and work closely with Latvian manufacturers.
"We will also pay close attention to the core values of our company culture – awareness, responsibility, and self-belief – ensuring a working environment that fosters the growth and development of our employees."