Farhadian Farhadian

Otto Group records slight decline in revenues

The Otto Group is drawing up a "mixed interim balance sheet" after the first half of the financial year 2022/23. Against the backdrop of the difficult macroeconomic environment, in particular inflation further exacerbated by the war in Ukraine and the decline in demand, a press release states, the group of companies recorded a decline in revenues of 5.6 % worldwide on a comparable basis, reported -1.8 %.

The international trading and services group, which was able to increase its total turnover strongly to 16.1 billion EUR in the last financial year, shows a varied development in the different business segments. In Germany, revenues declined by 13.5 % on a like-for-like basis in the first half of 2022/23, reported at 11.1 %. In the international markets, the Otto Group is growing by 8.2 % on a comparable basis, and by as much as 13.8 % without adjusting for exchange rate effects.

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