Turnover of MAXIMA GROUP, UAB experienced 29% growth in nine months of this year
PRESS RELEASE
15 October 2008, Vilnius
Turnover of MAXIMA GROUP, UAB in nine months of this year was growing at 29% rate and reached LTL 7.3 billion, incl. VAT. It is nearly LTL 1.65 billion more than in the same period last year. But, as it was expected, the turnover of the company in the third quarter of this year, if compared with the second quarter, decreased by 0.4%.
Incomes received by MAXIMA GROUP, UAB in the first quarter, if compared with the same period last year, were growing at the rate of 35.3%, in the second quarter – 28.7%, in the third quarter – 22.3%, and amounted to LTL 2.3 billion, LTL 2.52 billion and LTL 2.51 billion, respectively.
"As early as in the middle of this year we forecasted slowdown of consumption in all Baltic States and affect of majority of business sectors, including retail market, by economic respite. These feelings were supported by consumers' opinion poll conducted in all Baltic States, which showed that deterioration in economic situation will change most consumers' habits of shopping in supermarkets", said Managing Director of MAXIMA GROUP, UAB Gintaras Marcinkevičius.
According to Mr. Marcinkevičius, in order to reduce consequences of economic slowdown on the company and buyers, MAXIMA GROUP, UAB reviewed its investments and development development stages. The Company opened less shops than it was planned in the beginning of this year, launched structural changes, developed an efficient shopping programme, the essence of which is to help people to buy the basic products cheaper, at the same time sustaining the quality of life they are used to.
If compared with other Baltic States, in nine months of this year, sales of the Lithuanian retail market leader MAXIMA LT, UAB were growing in Lithuania at the rate of 28.4% and amounted to nearly LTL 4.7 billion , i.e. slightly over LTL 1 billion more than during the same period in 2007. The turnover of the company in the third quarter, if compared with the same period last year, was growing by 22.3% and amounted to LTL 1.6 billion.
Company of MAXIMA GROUP, UAB – MAXIMA Latvia, which is operating in Latvia, received the incomes of LTL 1.75 billion in three first quarters of this year, i.e. 21.9% more than in three quarters last year.
Sales of MAXIMA Eesti, a company controlled by the GROUP in Estonia, experienced the growth of 47.9% in the first three quarters of this year and amounted to LTL 690.4 million.
Steadily increasing sales MAXIMA Bulgaria during the first three quarters of this year earned incomes of LTL 160 million, i.e. 35.2% more than during the same period of nine months in 2007. Differently to the Baltic States, in Bulgaria, the turnover in the third quarter of this year increased by 2.1%, if compared with the second quarter of this year.
Turnover of Ermitažas UAB, a company belonging to MAXIMA GROUP, increased by 65.4% during the analysed period and reached nearly LTL 185 million.
MAXIMA GROUP, UAB controls retail trade business in the Baltic States and Bulgaria, where it has 430 supermarkets Maxima X, Maxima XX, Maxima XXX, T-Market, Ermitažas: in Lithuania – 232, Latvia – 125, Estonia – 49, Bulgaria – 24. The total labour force employed in the group is 25 thousand women and men.
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