Germany’s Otto Group has reported a strong increase in sales in the first half of the year.
The retail and services group, which owns fashion retailers Bonprix and About You, said its worldwide sales increased by 20 percent in the six months to February 28, driven in particular by increased demand in the fashion, living and lifestyle assortment.
The Hamburg-based group said its pure e-commerce revenue rose by more than 18 percent during the period and by almost 21 percent in its home market of Germany.
Alexander Birken, the CEO and chairman of the Otto Group executive board, said the firm is “in very good shape economically”, but warned that “the technological challenges we face and our customers’ demands on us as retailers remain high”.
For the 2021/22 financial year, the group now expects “significant” revenue growth and an operating result at the previous year's level.