The clothing retailer Witt Group closed the 2022/23 financial year with a decline in sales. In view of the “unfavorable framework conditions and the market development”, the company, which belongs to the Hamburg retail and service group Otto Group, was nevertheless “satisfied” with the results published on Monday.
In the fiscal year that ended in February, the turnover of the Witt Group amounted to almost 1.18 billion euros. Compared to the previous year, this meant a decrease of 4.3 percent. However, the clothing retailer has “developed better than the market,” emphasized Patrick Boos, CEO, in a statement.
After the pandemic-related restrictions on brick-and-mortar retail had boosted demand in e-commerce in the previous two years, this boost in sales ceased in 2022, the company said. In addition, the group referred to deteriorating economic conditions. The effects of the Ukraine war and high inflation dampened the mood to buy. “In addition, there were enormous cost increases for paper, transport, raw materials and energy, which challenged the business model of the Witt Group,” says a statement.