DYI store chain Hornbach drops 10% after weak Q3, lowered sales target
** Shares in Hornbach Holding HBH.DE fall 10% after the German DIY store group posted soft Q3 results and lowered its FY sales guidance
** It reports Q3 sales of 1.51 billion euros ($1.57 billion) and an adjusted EBIT of 34 million euros, below Baader analysts' estimates by 2% and 7% respectively
** Given the weak developments in the consumer climate, particularly in Germany, Hornbach expects FY sales to remain at last year's level, vs previous forecast for a slight increase
** It maintains FY earnings outlook despite a far better than expected earnings momentum in H1, Baader notes
** The shares fall to the bottom of German small-cap index SDAX .SDAXI and are on track for their worst day since May 2023 if the losses hold
($1 = 0.9635 euros)
Reporting by Amir Orusov
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