Business figures - Hornbach DIY group dampens expectations
Customers' reluctance to spend is making DIY group Hornbach Holding more pessimistic for this financial year. Sales in the twelve months to the end of February are likely to fall slightly short of the previous year's figure of just under 6.3 billion euros, as the company announced on Wednesday. The operating profit adjusted for special items (adjusted EBIT) is likely to land at the lower end of the target range lowered in September. At that time, CEO Albrecht Hornbach had announced a decline of 10 to 25 percent - to around 218 million to 261 million euros.
In the third quarter (to the end of November), sales shrank by four percent year-on-year to just under 4.9 billion euros. Adjusted operating profit fell by just under two percent to 48.1 million euros. On the bottom line, however, the company earned 29.3 million euros, around ten percent more than in the previous year. Despite everything, Group CEO Hornbach expressed his satisfaction: Times of crisis are good times for DIY enthusiasts and Hornbach has further expanded its market share outside Germany.
Press release
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Source: www.stern.de
