BORNHEIM (dpa-AFX) - DIY group Hornbach Holding has suffered from customers' reluctance to spend in the 2023/2024 financial year. Based on preliminary figures, consolidated sales shrank by 1.6 percent to € 6.16 billion in the twelve months to the end of February, as the SDax-listed company announced on Tuesday in Bornheim, Rhineland-Palatinate. Adjusted for non-operating items, earnings before interest and taxes (EBIT) fell by 12.4 percent to 254 million euros. The Group had expected a decline of this magnitude.

"While the macroeconomic outlook remains gloomy, especially in Germany, we are currently also seeing positive signs", said Albrecht Hornbach, CEO of Hornbach Management AG, according to the press release. These include the easing of inflation over the past few months and the good weather conditions in the first weeks of the spring season. Hornbach Management AG is the general partner of Hornbach Holding AG & Co. KGaA and also manages the business of the listed holding company.

The Board of Management intends to publish further details about the past financial year and an outlook for sales and earnings on May 22./mne/nas/he