“Maxima Latvija” moderate 5 % turnover increase

May 03, 2021

The audited turnover of “Maxima Latvija” in 2020 reached 878 million euro, a 5 % increase compared to 2019. This is a slight year-to-year drop by 2.7 % from the 7.7% growth in 2019. This was caused by the pandemic and overall market trends. The company adjusted its strategy and focused on lowering prices, customer and employee safety during Covid-19 crisis along with purposeful growth, which resulted in 100 new jobs. Total investments in retail network development, customer experience, employee welfare and working environment improvements along with logistics centre modernization amounted to 25.8 million euro, while profits reached 31 million euro. Taxes tranfesrred last year amounted to 115 million euro.
“The global pandemic disrupted economies around the world, and Latvia was no exception. All sectors, including retail, had to change their operational plans. Last year, we rapidly adjusted our development strategy and focused primarily on three important areas: low prices on everyday products, customer and employee safety during Covid-19 pandemic along with thoughtful investments in the expansion and modernization of retail network around Latvia, including remote shopping experience advancements. We will continue our efforts to offer affordable high quality products and ensure mindful growth for the convenience of shoppers and employees. Of course, we will continue cooperation with our strategic partners and Latvian producers to jointly support important public issues, including mitigation of Covid-19 crisis,” explains Tomas Rupšys, CEO of “Maxima Latvija”.
In 2020, “Maxima Latvija” continued investing in lower prices because this becomes increasingly important during the economic crisis caused by the pandemic. Last year, the company brought about a number of digital solutions to improve efficiency and introduce innovations. We installed 144 new self-service check-outs for the convenience of customers and employees, and the total number of such check-outs in Latvia reached 519. We introduced “Scan&Go” solution so shoppers could scan the products themselves with their phone and then simply check-out without even taking groceries out of the bag (this service is offered at “Maxima XXX” stores in Riga – at Skolas iela 115 and Maskavas iela 257).
Last year, we opened 14 new and reconstructed stores in Riga, Daugavpils, Limbazi, Rezekne, Gulbene, Jurmala, Liepaja, and Bauska. These stores provided more than 100 new jobs. Covid-19 had a considerable impact on development of e-commerce – customers now can order products also in regions which caused our partner’s Barbora.lv turnover to reach 17.9 million euro.
“Maxima Latvija” has introduced a number of measures to support general public during the Covid-19 outbreak. The company donated products to six charities with the total value of 150 thousand euros. During the Covid-19 pandemic, we also prepared 25,000 food packages to support medical staff at the Riga East Clinical University Hospital, the Children's Clinical University Hospital. We also decreased our food waste by donating almost 2 tonnes of non-standard fruits and vegetables to the Riga Zoo.
Mass media contact:                                                                                                                                
Liene Dupate-Ugule
The Head of Communication, SIA "Maxima Latvija"
Phone: +371 26425420
E-mail: liene.dupate@maxima.lv