LV: Rimi Latvia expects similar performance in 2011.

By bne IntelliNews August 22, 2011
Chairman of the board of Latvias leading food and consumer goods retailer Rimi Latvia Valdis Turlais believes that in 2011 companys results are likely to be similar to those of 2010. Although holiday season is still ahead, uncertainly regarding the extraordinary parliamentary elections and the beginning of the heating season are seen to curb consumer demand, he commented. Rimi Latvia posted a net profit of LVL 5.57mn (EUR 7.93mn) in 2010, soaring eight-fold as compared to 2009, data of State Enterprise Registrar database Lursoft shows. Retailers consolidated turnover last year amounted to LVL 392mn, down by 1.6% y/y. To compare, companys total sales in all three Baltic States 2008 increased by 13% y/y to EUR 1.31bn and decreased by 11.9% y/y to EUR 1.15bn in 2009. Rimi Baltic operates about 240 stores (78 stores in Estonia, 101 stores in Latvia and 61 stores in Lithuania).

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