Lithuania, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Friday, 29.05.2020, 03:52

Lithuania's Rimi Lietuva ups losses 6% to EUR 3 mln in 2018

BC, Vilnius, 14.05.2019.Print version
Rimi Lietuva, operating one of the largest retail chains in Lithuania, posted a loss for the second in a row. Its audited net losses rose 6.4% to 2.995 mln euros, from 2.814 mln euros in 2017, informed LETA/BNS.

"The worse net profit rate was determined by intensive preparations for fast future expansion, e-trade, higher wage costs. But we are glad to have managed to maintain healthy business growth last year despite the failed merger with Iki," Rimi Lietuva managing director Giedrius Bandzevicius told.

Sales rose 3.6% from 313.218 mln euros in 2017 to 324.547 mln, according to the company's 2018 report filed with the Lithuanian Center of Registers.

Rimi Lietuva plans to renovate and reconstruct part of its stores this year but does not speak about the opening of new ones. Bandzevicius told the news website in late March, however, the company planned to open five new stores this year. 

Rimi Lietuva had 3,292 employees late last year, compared to 3,317 at the end of 2017. 

Rimi Baltic, part of Sweden's ICA Gruppen, owns 100% of Rimi Lietuva.

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