Impressive profits for largest retail chains

The two largest retail chains have published their income reports. The retailer Rimi Latvia all but doubled its income in 2014 from 2013, reaping €23.64 mln in profits, while its turnover has grown to €740.96 mln, according to LETA newswire, via a report by the firmas.lv business database. 

The annual turnover increased by 8% for Rimi Latvia, according to a statement by the management, citing the increase in Latvia's domestic spending as a major reason for this. In comparison, the company turned €12.18 mln in profits and had a turnover of €672.33 mln. 

Its competitor Maxima turned a profit of €13.9 mln last year, which is 21% less than in 2013. Maxima's turnover increased by 0.13% last year.

The company reported that it has invested quite a lot both in reconstructing its shopping centers and changing company culture following the Zolitūde disaster

Rimi Latvia is a subsidiary of Swedish group ICA, while Maxima Latvija is part of Lithuanian Maxima Grupė.

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