German-headquartered retail titan Otto Group, already the world’s largest mail order group, has now become the planet’s second biggest e-tailer measured by sales.
The news accompanied the release of Otto’s results for the year to February 2001, which revealed internet sales of DM2.1billion – putting the group second only to Amazon.com. Otto, which operates ninety businesses in 23 countries, also saw a 14.2% overall rise in sales to DM45.8bn (23.4bn euros).
The group announced a particularly healthy Christmas period, in which it beat its own e-tail targets with DM1.1bn (457 million euros) of sales in its home market alone. Otto predicts that web retail will make up 10% of all its retail sales within ten years.
Behind the growth, explained the company, was a healthy performance in foreign markets, where share of total sales rose from 51% to 55%. US division Spiegel reported a 9.3% jump in sales to $3.7bn (4.2bn euros), though there was a drop of 3.4% to £576m (934m euros) in the UK.
News Source: Handelsblatt (Germany)