The e-commerce specialist Baur Group had to pay tribute to the adverse economic conditions in the 2022/23 financial year. Adjusted net external sales in the financial year ended February were 876 million euros and thus 9.5 percent below the record value of the previous year, the company, which belongs to the Hamburg retail and service group Otto Group, said on Thursday. However, the pre-corona level was “clearly” exceeded. In addition, all business units were “in the black despite the increased cost and margin pressure”.
Stephan Elsner, CEO, drew a positive conclusion despite the drop in sales: “We are both proud and very satisfied with the results of a financial year that demanded everything from our teams in all business units due to the historically unique accumulation of crisis scenarios,” explained him in a message. “We were able to absorb a significant part of the burdens brought on from outside by acting and reacting skilfully and very flexibly and have once again proven ourselves to be a powerful, success- and customer-oriented organization within the Otto Group.”
For the Baur Group, it is now a matter of “continuing to consistently follow the path of digital transformation that has been initiated, securing the progress that has been made and making our business models in online retail and in the service business fit for the future,” emphasized Elsner. The company is therefore continuing to work on making its “entire business activities and organization much more customer-centric and data-driven”.
With a view to the current 2023/24 financial year, however, Elsner was cautious: “Due to the uncertain economic prospects, this will become even more challenging,” he admitted. The management therefore does not expect “a return to the long-term growth course”.