Maxima Still Being Hit Hard As Sales Continue To Tumble

Underlining the ongoing impact of the 2009 recession on the Baltic region (GDP dipped by an average 16.1% in Estonia, Latvia and Lithuania), leading Lithuania-based pan-Baltic mass grocery retailer (MGR) Maxima has recorded an 11% year-on-year (y-o-y) decline in H110 (ending June 30) consolidated sales. Emphasising just how sharply the climate contrasts with the period leading up to 2009, Maxima posted stellar average annual growth of 24.06% between FY06 and FY08, fuelled by strong organic

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