Obi reports sales decline in Germany

Obi - a DIY retail subsidiary of Tengelmann Group - has achieved a 1.7% rise in revenue for 2017.

As of the end of the 2017 financial year, the 655 OBI stores generated net sales of €6.18 billion euros with 45,183 employees across eleven countries.

Revenue from the 352 German stores declined by 1.9% to circa €3.13bn during the reporting period.  Overseas Obi sales grew by 5.6%, reaching €3.01bn. 

Tengelmann CEO, Christian Haub, said: 

"The overarching strategic goal of Obi is and will remain the sustainable market leadership in the regions in which our DIY store company is active," 

Source : Insight DIY

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.