Despite posting a 25 percent drop in sales to €199 million
(£175 million), parent company Otto Group says its UK
division Freemans Grattan Holdings performed as planned in fiscal
2010/11, and was on course with its “successful
restructuring”. Taking FGH’s performance into account, Otto
still increased its European turnover (excluding Germany) by 9.5
percent to €3.4 billion (£2.96 billion), with turnover
at the Russian operation doubling to €349 million. Overall
group turnover rose by €1.3 billion to €11.4 billion
(£9.91 billion).
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