Otto Group’s Online Business Plummets

Unlike in the previous year, this not only affected sales in Germany, but also to the same extent abroad, for example in the important US market. All in all, the retail group expects to generate global sales of just under 10.8 billion euros in the 2023/24 financial year (to the end of February), around 9 percent less than in the previous year.

Otto is forecasting sales of around 6.6 billion euros for the German market and 4.2 billion euros for the international market in the current financial year – with a decline of around 9 percent in each case.

However, there was an improvement in operating profitability compared to the previous year thanks to strict spending discipline, increased sales prices in some areas and a nationwide hiring freeze. On a positive note, Otto noted that the Group had not lost any customers in online retail.