EU – Baltic States, Good for Business, Lithuania, Markets and Companies, Retail

All of the group's companies operating in five countries – Lithuania, Latvia, Estonia, Bulgaria and Poland – posted revenue growth, it said.

"The coherent implementation of the Maxima business strategy determined a steady growth in the performance figures of all of the group's companies. The improving economy and a positive outlook for personal finances increased consumption and, correspondingly, our sales," Maxima Grupe CEO Neringa Janaviciute said in a press release.

Lithuania's Maxima LT last year achieved 1.8% revenue growth to 1.443 billion euros.

Maxima Eesti's revenue rose by 9.7% to 440.8 million euros and Maxima Latvija posted 2.3% growth to 676.1 million euros.

Maxima Bulgaria recorded a 10.4% increase in annual revenue to 72.4 million euros and Aldik Nova, a Polish company owned by the group, boosted revenue by 18.9% to 44.8 million euros.

Maxima Grupe currently has a total of 535 stores, including 233 in Lithuania, 148 in Latvia, 75 in Estonia, 48 in Bulgaria and 31 in Poland.

The group last year opened 25 new stores and renovated 16 stores, with its total investment in development and business support totaling 75.2 million euros.

According to Janaviciute, almost half of the total investments, 35.8 million euros, went to Estonia, where the group built a 45,000-square-meter logistics center and opened some large format stores.