EU – Baltic States, Financial Services, Lithuania, Markets and Companies, Retail

In Lithuania, the group's retail revenues fell by 2.1% to 1.413 billion euros, Maxima Grupe said in a press release.

"In 2016, the number of trade sites and trade area rapidly grew in the Baltic states; this growth was particularly notable in the Lithuanian market, meanwhile demographic trends in the Baltic states show negative prospects, because population continues to decrease. All this directly affects Maxima Grupe's business results," Robertas Cipkus, the group's CEO, said in a press release.

Maxima Grupe's retail turnover increased by 1.9% to 689.3 mln euros (excluding VAT) last year from 2015, its retail turnover in Estonia grew by 1.2% to reach 446 mln euros, rising by 22.1% to 88.4 mln euros in Bulgaria and by 6.1% to 47.5 mln euros in Poland. According to the press release, the increased turnover of the chain was driven by active expansion performed last year - the company acquired, rearranged and opened 14 new stores at the end of the year.

Founded in 2007, Maxima Grupe is a controlling company operating retail companies in Lithuania, Latvia, Estonia, Poland and Bulgaria. The group operated a total of 557 stores in all countries in late 2016, namely, 241 stores in Lithuania, 151 in Latvia, 74 in Estonia, 61 in Bulgaria and 30 in Poland.