Baltic Export, Estonia, Good for Business, Markets and Companies

Estonian fashion and retail Baltika Group, on of the leading industries in Estonia and the Baltic states, reported profit in 2012 after years of steep losses.

The children's garments manufacturing enterprise Lenne boasted strong results.

Lenne's revenue grew by 25 percent last year to 20 million euros and boosted its profit by a third to 5.3 million euros.

According to LETA archives, in 2010, the profits of Lenne amounted to 2.6 million euros, while in 2011 profit resulted to 3.6 million euros.

Lenne's increase in profit is explained by the growth in sales on the Finnish market. The enterprise also plans to exit the Ukrainian market.

As reported, Baltika Group's net profit amounted to 624,000 euros in the second quarter of 2013, that is an increase by nine percent as compared to the 572,000 euros earned at the same time last year.

In the first half of the year, the group posted a profit of 21,000 euros versus a loss of 492,000 at the same time last year.

"The planned increase of net profit was achieved with good sales in Baltic countries, somewhat increased gross margin and cost control," said Maigi Pärnik, Member of the Management Board.

Despite the cold spring that affected sales in first quarter, the company considers both sales growth and efficiency satisfactory.

Baltika sales growth has been supported with opening of new stores and investments into retail network, that will continue as planned – third quarter will include opening of new brand Blue Inc stores as franchisee.