Dutch DIY company Maxeda has published mixed results for its latest fiscal year: turnover shrank but net profits went times three, the Netherlands painted a better picture than Belgium.
Investing in smaller city stores
Maxeda saw its turnover go down from 1.40 billion euro to 1.35 billion, as net profits tripled to 24 million. Newspaper Financieel Dagblad noticed that Dutch stores had a 1.3 % comparable growth, while their Belgian counterparts went down by 2%. The Netherlands saw a growing DIY market as consumer confidence rose and the housing market recovered. In both countries, the company invests in smaller city stores (Praxis in the Netherlands, Brico City in Belgium).
The company will continue to invest in the new fiscal year, especially in the smaller city stores. E-commerce will remain a smaller part of the DIY market, the retailer estimates, even though it will continue to growth. The group of 383 stores and 5000 employees in Belgium and the Netherlands also states it will remain cautious as the market remains unsure.