Foodstuff, Good for Business, Latvia, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 10:32

Latvian food wholesaler Baltstor raises 2017 sales 23.9%

BC, Riga, 31.05.2018.Print version
The Latvian food wholesaler Baltstor which manages the brands of Mego and Vesko retail stores last year increased its turnover to EUR 37.258 million at a 23.9% rise from 2016 but its profit fell 42% to EUR 22,461, informs LETA, according to Firmas.lv business information website.

The company's management said that in 2017 Baltstor added five new companies to its list of cooperation partners and increased the number of retail stores by 10. Last year Baltstor comprised 92 retail companies with a total of 417 retail stores.


Supermarkets in Latvia have started "price wars", selling the most popular goods at a low retail margin, the management said.


Due to the growing costs, small retailers may be forced to consider layoffs or wind up their business altogether, which will have direct adverse effects on Baltstor total turnover.


The management said that Baltstor was planning to increase the number of Vesko stores and was looking for partners in purchase of imported goods.


In 2016, Baltstor reported EUR 38,700 profit on a turnover of EUR 30.074 million.


Registered in 2004, Baltstor is the largest retailer cooperative in Latvia and functions as management system, providing IT solutions, personalized services, unified structure and common purchase principles for all participants. Baltstor is a cooperation partner and coordinator for Mego and Vesko retail chains.






Search site