The Lithuanian fashion retailer, Apranga Group, posted an unaudited consolidated profit before income tax of EUR 9.0mn in the first half of 2023, which was up from EUR 7.1mn in the same period of 2022, GlobeNewswire reports. The group’s EBITDA amounted to EUR 18.9mn, which was up from EUR 17.1mn a year earlier. Six-month retail…
Latvia’s Health Ministry has proposed amendments to further restrict the availability of alcohol, LSM reports. The amendments would reduce the sales hours of alcoholic beverages, ban sales of alcohol at petrol stations, and raise the legal drinking age to 20 years. The ministry hopes that the amendments will reduce alcohol consumption, illness, injuries, and mortality….
The Latvian Food Retailers Association (LPTA) has asked Agriculture Minister Didzis Smits to provide proof for his claim of 300% markups on food prices in stores, Baltic News Network reports. If the minister cannot provide such proof, LPTA will ask him to retract his statement. Earlier, Smits claimed that food retailers had applied 300% markups…
The international credit rating agency, Fitch Ratings, has reaffirmed Lithuanian shopping centre developer Akropolis Group’s long-term borrowing rating at BB+ with a stable outlook, GlobeNewswire reports. The agency noted Akropolis Group’s good financial and operational performance, leading market position, and low vacancy rate. Nerijus Maknevicius, CEO and board chairman of Akropolis Group, said that the…
The Estonian ticket vending group, Piletilevi Group, has acquired majority ownership of Czechia’s largest ticketing platform, GoOut, ERR reports. Sven Nuutmann, Piletilevi’s board chairman, noted that ticketing platforms were currently in a difficult position, and that now was therefore a good time to buy. He said that Piletilevi was looking at possible acquisitions in other…
Latvia’s retail sector has had no competition, especially in grocery trade, for years, Agriculture Minister Didzis Smits stated, LETA reports. Speaking in an interview with LTV, Smits asserted that retailers could set markups of 300% plus VAT on local produce and still compete, which he said was “abnormal” and “unpatriotic.” He insisted that in such…
Latvia’s Economy Minister, Ilze Indriksone, visited South Korea together with a delegation of Latvian entrepreneurs, LSM reported. She suggested that Latvia could become a gateway to the European market for South Korea. Also, the two countries could cooperate on technology transfer in strategic industries, biotechnology, and biomedicine, Indriksone said. She noted that South Korea was…
Latvia’s Riga City Council has obliged owners of outdoor sales and catering establishments to ensure that their sound equipment and musical instruments do not disturb local residents, LSM reports. Under the new rules, municipal police can impose limits on loud music in outdoor cafés, bars, and similar establishments. Violations can lead to fines of up…
Shorter alcohol sale hours in Lithuania have led to a decline in male deaths on Sundays and Mondays, according to a new study, BNS reports. Daumantas Stumbrys, senior researcher at the Lithuanian University of Health Sciences (LSMU), found that the mortality rate spiked on Sundays and Mondays, but had decreased to the weekly average since…
