Half-Year Financial Report 2014/2015 presented: Hornbach Group boosts sales and earnings power

Half-Year Financial Report 2014/2015 presented:

  • Half-year consolidated sales up 7.9 percent
  • Operating earnings of Hornbach Group rise 10.4 percent to Euro 152.7 million in first six months
  • As expected, base effects hold back second-quarter business performance
  • After five new openings and two closures, DIY store network grows to 144 locations
  • Hornbach comes top once again in Kundenmonitor Deutschland survey

Neustadt a. d. Weinstrasse, September 25, 2014.

The Hornbach Holding AG Group (Hornbach Group) generated substantial sales and earnings growth in the first half of the 2014/2015 financial year (March 1 to August 31, 2014). Consolidated sales grew 7.9 percent to Euro 1,975.6 million in the first half of the year. Consolidated operating earnings (EBIT) for the same period showed disproportionate growth compared with sales, rising by 10.4 percent to Euro 152.7 million. The convergence of several base effects in the second quarter prevented the Group from performing even in the first half of 2014/2015.

“Overall, the first half was very pleasing for Hornbach. Following the racing start in the first quarter of 2014/2015, the year could not be expected to continue at the same pace. The second quarter had to bear comparison with record sales and three additional business days in the previous year’s period. What counts is that we managed to increase our cumulative sales and earnings. After all, the first six months are decisive for our success in the year as a whole”, commented Albrecht Hornbach, Chairman of the Board of Management of Hornbach Holding AG at the half-year press conference in Frankfurt.

First-half sales at Hornbach-Baumarkt-AG, the largest operating subgroup (DIY retail) which was operating 144 DIY retail outlets across Europe as of August 31, 2014 after five new store openings and two location closures in the first half of the year, grew 8.3 percent to Euro 1,854.9 million. Like-for-like DIY sales net of currency items increased 6.7 percent in the first half of 2014/2015.

Germany remains growth driver – top position confirmed in Kundenmonitor survey

The greatest growth momentum came once again from the DIY megastores with garden centers in Germany, where adjusted sales grew cumulatively by 8.9 percent. Hornbach thus outperformed the German DIY sector average yet again in the period under report from March to August 2014. This is also due to the popularity Hornbach DIY megastores with garden centers continue to enjoy among German consumers. In the “Kundenmonitor Deutschland” consumer survey, Hornbach came first in terms of overall satisfaction among DIY and home improvement stores for the second year running in 2014. Hornbach was voted best in 20 of the 35 other assessment categories in total, including six of the nine product range disciplines. Customers awarded Hornbach the best marks in individual criteria including value for money, product quality, product range selection and variety, product range topicality, private label selection and quality, and product range, service and prices compared with competitors.

Outside Germany, all countries within the company’s international sales network posted like-for-like sales growth in the first half of the 2014/2015 financial year. The locations in other European countries improved their like-for-like DIY sales net of currency items by 3.6 percent in the first six months.

In the second quarter of 2014/2015 (June 1 to August 31, 2014), the Hornbach Group’s sales grew 0.2 percent to Euro 940.4 million. The Hornbach-Baumarkt-AG subgroup increased its sales by 0.5 percent to Euro 878.3 million. Like-for-like DIY sales net of currency items fell 1.0 percent short of the comparative figures for the previous quarter. On the one hand, this slight downturn was due to most regions having three business days fewer in the second quarter of the current financial year than last year. On the other hand, the standard set in the second quarter of 2013/2014 was very high, as customers took the opportunity to catch up with numerous construction, renovation and garden projects following miserable spring weather and generated record sales in the process.

Sales at the 27 builders’ merchants outlets at the Hornbach Baustoff Union GmbH subgroup rose 2.0 percent to Euro 119.7 million in the first half of 2014/2015. The mild winter had led to purchases being brought forward to the first quarter of 2014/2015 (plus 10.1 percent). In the second quarter of 2014/2015, sales weakened at the previous year’s high level, with a reverse movement of 4.6 percent to Euro 61.7 million.

Disproportionate half-year earnings growth compared with sales

Earnings showed disproportionate growth compared with sales in the first half of 2014/2015, and that despite the expected dip in sales and higher costs in the second quarter of 2014/2015 due in particular to expansion-related factors. Six-month consolidated operating earnings (EBIT) at Hornbach Holding AG grew 10.4 percent to Euro 152.7 million. The Hornbach-Baumarkt-AG subgroup improved its EBIT by 12.5 percent to Euro 122.3 million.

With regard to its sales forecast, the Hornbach Group continues to expect its sales, i.e. net sales including stores newly opened, closed and extended, to show growth in a medium single-digit percentage range in the 2014/2015 financial year and most probably to exceed the rate of growth seen in the previous 2013/2014 financial year (plus 4.3 percent). With regard to its earnings forecast, Hornbach expects operating earnings (EBIT) at the Hornbach Holding AG Group to show disproportionate growth compared with sales in the 2014/2015 financial year. Given the more difficult overall macroeconomic framework in the second half of the year, the company sees greater forecasting uncertainty than three months ago.

Key Figures of the Hornbach Group for the 2nd Quarter and 1st Half at a Glance

Key figures of the Hornbach Holding AG Group
(in Euro million, unless otherwise stated)
2nd Quarter
2nd Quarter
in %
1st Half
1st Half
in %
Net sales940.4938.60.21,975.61,830.67.9
of which Hornbach-Baumarkt-AG subgroup878.3873.50.51,854.91,712.58.3
- Germany509.0506.80,.41,083.5985.79.9
- Other European countries369.3366.70.7771.4726.76.2
Like-for-like sales growth (DIY)1)-1.0%4.6% 6.7%-0.8% 
of which Hornbach Baustoff Union GmbH subgroup61.764.7-4.6119.7117.32.0
Gross margin (as % of net sales)37.0%36.6% 37.4%36.6% 
Earnings per preference share (in Euro)2.132.79-23.74.884.3911.2

Misc. key figures of the HORNBACH HOLDING AG GroupAugust 31, 2014February 28, 2014±
in %
Shareholders’ equity as % of total assets50.4%49.3% 
Number of DIY stores with garden centers144141 
Sales area of DIY stores with garden centers in 000 m² (BHB)1,6761,6471.8
Number of employees2)16,49716,0213.0

Rounding up or down may lead to discrepancies between percentages and totals. Calculation of percentage figures based on Euro 000s.

1) net of currency items

2) head count at reporting date including persons in marginal employment


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  • Managers Transactions: Hornbach Baumarkt AG // Albrecht Hornbach

  • Directors Dealings: Hornbach Holding AG & Co. KGaA // Albrecht Hornbach



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