HORNBACH Baumarkt AG announced earnings results for the first quarter ended May 31, 2018. For the quarter, the company's sales grew by 2.8% to EUR 1,162.1 million against EUR 1,130.3 million a year ago. This growth was due not least to the opening of two new DIY megastores with garden centers in Zwolle (Netherlands) and Affoltern (Switzerland) in the first quarter. Adjusted EBIT fell 16.3% to EUR 64.9 million against EUR 77.5 million a year ago, while earnings per Baumarkt share dropped 18.0% to EUR 1.41 against EUR 1.72 a year ago. Operating earnings before interest and taxes, EBIT, came to EUR 65.2 million as against EUR 77.6 million in the previous year. Net debt as of May 31, 2018 amount to EUR 263 million.

The Board of Management has confirmed the full-year sales and earnings forecasts for 2018/19. It expects the shortfall in first-quarter earnings to be made up for in subsequent quarters. The Hornbach Group's consolidated operating earnings adjusted for non-operating earnings items (adjusted EBIT) for the 2018/19 financial year as a whole are therefore still expected to more or less match the level reported for the 2017/18 financial year (EUR 165.6 million).