Hornbach set for worst day in a year as gloomy outlook weighs
16/05/2023 08:37
** Shares in Hornbach HBH.DE fall 6.5%, on track for
their worst day in almost a year, after the German DIY store
group said it expected core profit to be down 5% to 15% in FY
2023/24
** The company cited ongoing inflation and product pricing
trends, as well as "extraordinarily bad weather conditions" at
the start of main DIY season in Q1 2023/24
** A local trader says the company's FY23/24 outlook for
adj. EBIT compares to expectations of a "slight decrease"
** The trader also flags the company's guidance for a
significant drop in Q1 earnings and FY22/23 dividend proposal
stable at 2.40 euros vs expectations of 2.50 euros
** Shares drop to bottom of German smallcap index .SDAXI
(Reporting by Linda Pasquini)
((Linda.pasquini@thomsonreuters.com))