Economics, EU – Baltic States, Financial Services, Latvia, Markets and Companies

He indicates that in the first six months of 2014, Maxima Latvija turnover decreased by 1 percent from the same period of 2013. However, Beseris declined to reveal the precise amount of the company's turnover in the first half of the year.

Beseris explains that such performance could be possibly due to less active expansion by Maxima, furthermore, one "Maxima X’’ supermarket was recently closed in Riga.

"From May until the "Ligo" holiday, another "Maxima XX" supermarket was closed in Jelgava for renovation. At the same time, the retail market in Latvia continued developing," Beseris indicates, adding that in evaluating the clients' purchasing capacity, significant changes have not been observed.

"For example, there is no evidence that the average volume of a shopping cart has decreased. But when looking at turnover, we have failed to achieve the same result as in the respective period last year," Beseris admits.

As reported, in 2013, "Maxima Latvija" posted EUR 660.3 million in turnover, which is 4 percent more than in 2012. "MaximaLatvija" turnover in 2012 amounted to EUR 640.82 million and profit to EUR 20.4 million.

"Maxima Latvija" was established on November 29, 2000. The company's share capital is EUR 4.91 million. "Maxima Latvija's" parent company is the Lithuania-registered "Vilniaus Prekyba UAB", which in turn belongs to the Netherlands-registered "Lincoln Land Erste B.V.".