Deichmann reports record revenue in 2023
Despite difficult market conditions, German shoe retailer Deichmann ended 2023 with strong performance. Following a successful year, the company will invest €324 million in 2024 to continue modernizing its business.
“2023 was a challenging year for the Deichmann Group, but it was also successful,” commented Heinrich Deichmann, Chairman of the Board of Management of the company. “Our collections and products from leading brands, which we sell at attractive prices, are exactly what our customers are looking for. They allowed us to change the general market trend and achieve sales growth in traditional retail and online. Despite challenging market conditions, including high inflation, consumer reticence and changing consumer preferences, Deichmann Group's revenue grew by more than 7% last year to €8,7 billion. Like-for-like like-for-like revenue, which is revenue from our stores, also increased by 5%. This is an outstanding international achievement that we have achieved with the support of our fantastic sales, logistics and administration teams,” he concluded.
In fiscal 2023, the German retailer recorded gross revenue of €8,7 billion, or net sales of €7,4 billion, up just over 7% on a currency-adjusted basis from 2022, selling 184 million pairs of shoes ( an increase of 1,4% compared to last year) through 4700 physical stores (2022: just under 4600) and 41 online stores operated by Deichmann.
The company's biggest achievement in Germany was that gross revenue in the country increased by 9% to €2,8 billion, or €2,3 billion net, compared to the previous year; the same growth was almost 9% year on year. More than 1400 million pairs of shoes were sold in the company's 70 stores in Germany as well as online, an increase of 3% compared to 2022.
In 2023, about 68% of the shoe retailer's revenue came from sales abroad, with the company showing particularly good results in Switzerland, Austria and Turkey. The company opened 18 new stores in Italy, 12 in Poland and 8 in the UK. Deichmann operates in 34 countries. By the way, the stores of this German retailer continue to develop in Russia, but under the new name NAM.
“Against the backdrop of the current economic situation,” Deichmann emphasized, “large-scale investments totaling approximately EUR 2024 million are also on the agenda for 374.” The company plans to modernize its stores by creating more attractive designs and developing omnichannel services. Currently, “the group plans to open approximately 2024 new and renovated stores in 450, including approximately 120 outlets in Germany.”
In addition, investments will be made in further digitalization of processes, optimization of product development, modernization of IT systems, growing online commerce business and logistics.
Deichmann also plans to redefine its brand identity in 2024. “We want to emotionally strengthen the Deichmann brand as a “brand of love” in the minds of our customers. In our retail and online stores, everyone can find fashionable shoes, cool sneakers and accessories,” emphasized Heinrich Deichmann.
Despite difficult market conditions, German shoe retailer Deichmann ended 2023 with strong performance. Following a successful year, the company will invest €324 million in 2024 in...
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