Baur Group reports decline in sales in the first half of the year

In the first half of the 2022/23 financial year, the e-commerce specialist Baur Group, which belongs to the Hamburg-based retail and service group Otto Group, felt the waning mood among consumers to buy. In the months of March to August, sales on a comparable basis were 442 million euros and thus 10.5 percent below the corresponding level of the previous year, the company announced on Wednesday. This excludes previous income from services that have since been reclassified.

In view of the difficult framework conditions of late, the latest results are “satisfactory" been, according to a statement. “The massive and rapidly clouding of consumer sentiment from the spring has initially slowed down the dynamic sales development of the group of companies active in online trading and service business for years and has caused a pause in growth after two record years in a row.” Despite the losses in online business, sales in the past half year have but still “well above the pre-corona level”, emphasized the Baur Group. In addition, the result remained “in line with expectations” and thus underlines the “solid economic condition” of the company.

CEO Stephan Elsner believes that the Baur Group is well prepared for the current adverse market conditions: “The pronounced adaptability of our business models and organization has once again proven itself in the crisis-like worsening of the overall economic situation,” he explained in a statement. “We acted quickly and flexibly again, both in terms of market presence and on the cost side, and were thus able to contain the negative effects of inflation and slack consumption on the good development of our group of companies, which has been sustained for years.”

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