Hornbach sales in first half almost at previous year's level

The sales performance of the German Hornbach Group stabilised in the second quarter (June to August). This was reported by the company on the basis of unaudited preliminary results. According to these, net sales rose by 1.1 per cent to EUR 1.6679 bn.

This means that net sales in the first half of the 2023/2024 financial year, amounting to EUR 3.4413 bn, missed the corresponding figure for the previous year by only 0.6 per cent. However, the macroeconomic outlook for Germany and the EU has become significantly bleaker with higher than expected inflation and rising interest rates, as well as continued weak consumer sentiment, according to a company statement. A further recovery in key sales and earnings figures in the second half of the financial year is thus becoming increasingly unlikely, it said. The executive board has therefore adjusted its expectations for the entire 2023/2024 financial year downwards and now expects net sales to be at or slightly below the level of the previous year (previously: approximately at the level of the previous year).