FRANKFURT (Thomson Financial) - Hornbach Holding AG. said it sees operating earnings in the current fiscal year growing at a faster rate than sales, which will likely increase by a medium single-digit percentage.
'We are very optimistic about the coming years,' the company said in a statement.
Hornbach also said it plans to open five new stores this year.
In the full fiscal-year 2007/2008 to the end of February, net profit slumped 24 percent to 48 million euros after the company spent more on advertising and new stores.
In its core home-improvement store division, sales in stores open at least a year declined 0.2 percent, weighed down by a 3.6 percent slump in like-for-like sales in the company's German home market. maria.sheahan@thomsonreuters.com mas/rw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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