Otto Group tops $7.5 billion in online sales in 2015
April 1, 2016 04:24 PM
Domestic online sales growth outpaced global growth for German e-commerce giant Otto Group in 2015.
For the year ended Feb. 29, Otto Group, No. 2 in the Internet Retailer Europe 500, reported online sales in its home country of Germany of 4.4 billion euros ($5.004 billion), up 10% from 4 billion euros ($4.549 billion) last year. Overall, Otto Group reported online sales of 6.6 billion euros ($7.506 billion), up 6.5% from the prior year. Those figures exclude revenues from office supplies mail-order companies Otto Office and JM Bruneau, which Otto Group sold in July and February 2015, respectively, the company says.
Otto Group announced in February 2015 plans to invest an eight-figure sum—that is, more than 10 million euros—in e-commerce, mobile and software startup ventures through 2017.
“We successfully continued to strengthen our core business, to further expand our e-commerce and to adjust our company portfolio, so that we established a sound basis for the years to come,” Otto Group chairman Hans-Otto Schrader said.
Otto Group owns North American home furnishings retailer Crate and Barrel, No. 81 in the Internet Retailer 2015 Top 500 Guide. Otto Group doesn’t break out online sales for Crate and Barrel, and a spokesman declined to provide specific online sales figures for the retailer. Overall, Otto Group reported sales for Crate and Barrel of 1.332 billion euros ($1.515 billion), up 24.3% from 1.072 billion euros ($1.219 billion) last year. Top500Guide.com data shows Crate and Barrel’s online sales growing at a compound average rate of 8.56% over the past five years, going from $365 million in 2010 to $507 million in 2014. The retailer named Doug Diemoz as its new CEO and Steve Woodward as its president last summer.
The Otto Group also says its logistics business, comprising primarily the Hermes business unit, had a sales jump of 16.6% to 1.743 billion euros ($1.985 billion) from 1.495 billion ($1.703 billion) in 2014.
Schrader forecast revenue growth for the group of 4% for the current fiscal year and an unspecified improvement in profitability.
Otto Group is privately held and only discloses financial details in its annual report.