Good for Business, Latvia, Markets and Companies, Retail

The company also saw a three-fold drop in profit last year to EUR 715,757.

The management report states that in 2019 the group continued the development of its retail network, opening ten new outlets in Latvia. Last year, investments were directed not only to the expansion of the network and the development of information technology infrastructure, but also to the implementation of a new sales concept, refreshing both the facades and interiors of retail outlets.

Due to the situation caused by the Covid-19 pandemic, the group plans a reduction in revenue this year, however, the company's management believes that the group's financial position is sufficient to overcome the difficulties with the support of the parent company.

In 2018, Narvesen Baltija turned over EUR 77.733 mln and earned EUR 2.18 mln in profit.

Narvesen is the largest press, fast food and services franchise chain operating in Latvia since 1997.

Narvesen Baltija belongs to Norway's Reitan Convenience and is a member of the Reitan Group, represented in Nordic and Baltic countries with brands like Narvesen, Pressbyran, R-kiosk, and 7-eleven.