Ad-hoc announcement: HORNBACH Group reduces earnings target
Neustadt a. d. Weinstrasse, December 9, 2015.
The Board of Management has updated the earnings expectations for the HORNBACH Holding AG & Co. KGaA Group for the 2015/2016 financial year (March 1, 2015 to February 29, 2016) to account for an unsatisfactory third-quarter earnings performance at the HORNBACH Baumarkt AG subgroup.
Although the HORNBACH Group increased its consolidated sales for the period from September to November 2015 by 5.7% to € 926 million, based on initial preliminary figures consolidated operating earnings (EBIT) for the same period fell year-on-year by around 43% to € 21.3 million (2014/2015: € 37.2 million). This severe downturn in quarterly earnings related above all to the DIY store business in Germany. Despite sales remaining virtually unchanged on the previous year, the earnings performance here was adversely affected by higher costs and a lower gross margin.
Given this development, full-year consolidated operating earnings (EBIT) for the 2015/2016 financial year are now no longer expected to roughly match the level reported for the 2014/2015 financial year but rather to fall short of the previous year’s figure of € 165.1 million.
The Board of Management sees the target corridor for sales growth at the HORNBACH Holding AG & Co. KGaA Group, namely of generating sales growth in a medium single-digit percentage range, as unchanged.
Further details will be released upon publication of the interim report for the first nine months of 2015/2016 on December 21, 2015 (www.hornbach-group.com).
HORNBACH Holding AG & Co. KGaA
represented by HORNBACH Management
Head of Communications
and Investor Relations
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