HAMBURG (dpa-AFX) - The downsized Hamburg-based retail group Otto Group nearly doubled its profit in the most recent fiscal year. Revenue, however, trended downward, according to the annual report. CEO Petra Scharner-Wolff described the fiscal year as successful in light of weak consumer sentiment.

The decline in revenue was primarily driven by the sale of the subsidiary About You to competitor Zalando, which was finalized in July 2025. Otto and Zalando are Germany's highest-grossing domestic online retailers. Furthermore, Otto's apparel brand Bonprix saw a rather weak performance, suffering from subdued consumer confidence and increasing competition.

Revenue fell by approximately 7.4 percent to 13.8 billion euros. Earnings before interest and taxes (EBIT) rose from 276 million to 641 million euros. Net income stood at 312 million euros.

Scharner-Wolff attributed the higher profit to the growth of the otto.de platform, the performance of the profitable financial services provider Eos, and cost-cutting measures. In its platform business, Otto generates earnings similar to Amazon through sales and fees from merchants who use the platform and advertise goods. The financial services provider Eos, which has faced criticism from consumer advocates, operates internationally in debt collection and receivables management.

The Otto Group's fiscal year ended in late February. Scharner-Wolff took over the group's leadership in March of last year, at the start of the fiscal year./lkm/DP/stk