In its preliminary results for the financial year ended 29th
February, Germany-based Otto Group saw turnover inch up 1.5
percent from €11.4 billion to €11.6 billion
(£9.53 billion, $15.10 billion). Sluggish developments in
the French market, where sales declined 5.6 percent to
€1.98 billion (£1.63 billion, $2.58 billion), were
offset by a stellar performance in Russia.
Otto Group Russia and its brands achieved the largest sales
growth across all major companies in the Otto portfolio. Revenues
were up 34.6 percent to €474 million (£389.6 million,
$616.9 million), despite negative currency effects. “The
fact that the Otto Group Russia can achieve revenues of half a
billion euros in just five years of rigorous expansion is a huge
success and fillip to expanding in new markets,” said chief
executive Hans-Otto Schrader delivering the report. The focus is
now on whether the market launch in Brazil last year can match
this level of success.
In the UK, Otto operates Freemans Grattan Holdings, which
continued its corporate restructuring throughout the last
financial year. Turnover was deliberately cut from €199
million to €164 million (£134.7 million, $213.4
million) and Otto says the division is now “moving into the
profit zone”. Overall in Europe, excluding Germany but
including France and Russia, the Otto Group achieved a revenue
growth of 3.1 percent to €3.52 billion (£2.88 billion,
$4.58 billion).
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