Otto Group Reports Losses Again – Outlook for 2024/25 Remains Optimistic

The Hamburg-based Otto Group recorded a loss of 426 million euros in the past fiscal year 2023/24. This marks another disappointing result following the previous year's loss of 413 million euros and a profit of approximately 1.8 billion euros in the fiscal year 2021/22. Total revenue shrank by six percent to about 15 billion euros. CEO Alexander Birken cited the ongoing strained macroeconomic and geopolitical climate, high interest rates and inflation, as well as a persistently dampened consumer sentiment as the main reasons for the losses. Despite these challenges, he is optimistic about the current fiscal year. Birken forecasts stable revenue development and significantly improved profitability. They plan to raise the operating profit before interest and taxes (EBIT) to a mid three-digit million amount.