Rimi Baltic Licking Its Wounds As Sales Drop

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Latvia-based mass grocery retailer (MGR) Rimi Baltic has announced that Q109 sales dipped 1.1% year-on-year (y-o-y) to EUR297.3. Rimi operates in the EU markets of Latvia, Estonia and Lithuania, and is a joint venture between Finland-based Kesco and Sweden-based ICA, and is one the leading retailers in the Balkan region. It operates a total of 238 in the three markets. BMI believes the retailer's outlook is likely to worsen before it gets better, as the Balkan region has been brought to its knees by the global financial meltdown. We are decidedly bearish on the economic outlooks of Rimi's core markets