LV: Rimi Latvia posts EUR 3mn losses in 2009.

By bne IntelliNews October 19, 2010
Latvia's leading food and consumer goods retailer Rimi Latvia posted a net loss of LVL 2.09mn (EUR 2.97mn) in 2009 vs. net profit of LVL 13.2mn seen in 2008, data of State Enterprise Registrar database Lursoft shows. Retailer's consolidated turnover last year amounted to LVL 404.4mn, down by 13% y/y. To remind, Rimi Baltic sales decreased by 14.5% y/y to EUR 254.3mn in all three Baltic States in Jan-Mar 2010. Sales volume (excluding VAT) went down by 14.9% y/y to EUR 123.5mn in Latvia, down by 19.5% y/y in Lithuania to EUR 50.6mn and down by 10.2% y/y in Estonia to EUR 80.2mn. To compare, company's total sales in 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 a total of 240 stores (78 stores in Estonia, 101 stores in Latvia and 61 stores in Lithuania).

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