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PRESS RELEASE : Hornbach Holding AG & Co. KGaA: Hornbach Group increases net sales by 15.4 % to Euro 5.5 billion in 2020/21 financial year

03/23/2021 | 01:03am EDT
DGAP-News: Hornbach Holding AG & Co. KGaA / Key word(s): Development of Sales/Preliminary Results 
Hornbach Holding AG & Co. KGaA: Hornbach Group increases net sales by 15.4 % to Euro 5.5 billion in 2020/21 financial 
2021-03-23 / 07:00 
The issuer is solely responsible for the content of this announcement. 
Hornbach Group increases net sales by 15.4 % to Euro 5.5 billion in 2020/21 financial year 
Trading Statement 2020/21: Withdrawal to own four walls boosts sales at Hornbach Group in 2020/21 financial year / 
Sales up 15.6 % at DIY and garden stores (including online retail) / Builders' merchant business grows 12.8 % / 
Adjusted consolidated operating earnings expected to rise more than 40 % to around Euro 325 million 
Bornheim, March 23, 2021. 
The coronavirus pandemic presented the Hornbach Group with a memorable 2020/21 financial year (March 1, 2020 to 
February 28, 2021): People withdrawing to their own four walls, employees increasingly working from home, and consumers 
sustainably changing their behavior - all these factors provided a veritable boost to demand for DIY and home 
improvement product ranges. Against this backdrop, based on initial preliminary figures net sales at the Hornbach 
Holding AG & Co. KGaA Group increased by 15.4 % to Euro 5,456 million. Hornbach Baumarkt AG, the largest operating 
subgroup, operated 161 DIY stores with garden centers and online shops, as well as two specialist retail outlets, in 
nine countries across Europe at the balance sheet date on February 28, 2021 (2019/20: 160). Sales here also passed the 
5-billion mark, rising by 15.6 % to Euro 5,117 million. On a like-for-like basis and net of currency items, group-wide 
sales at the DIY stores with garden centers (DIY) grew by 14.7 %. The Hornbach Baustoff Union GmbH subgroup posted 
sales growth of 12.8 % to Euro 338 million. These figures show that the Hornbach Group successfully mastered the 
extreme conditions resulting from the coronavirus pandemic in the past financial year. 
Apart from Sweden and Romania, all of Hornbach's regions were affected by temporary closures of stationary stores to 
private customers in the 2020/21 financial year (see table). In most cases, sales to commercial customers and click & 
collect sales were still permitted, while online retail continued across the board. Demand for DIY articles was 
consistently far higher in the 2020/21 financial year than in the previous year. This made it possible to rapidly make 
up for those sales lost due to temporary closures. Not only that, sales in the online retail business and with 
commercial customers rose sharply. "Hornbach grew faster than its competitors in all its regions. We benefited from the 
seamless dovetailing of our stationary and online businesses. That enabled us to optimally meet the high level of 
demand despite the restrictions on sales", explained Albrecht Hornbach, CEO of Hornbach Management AG. 
DIY stores with garden centers in Germany post like-for-like growth of 18.6 % 
Net sales including online retail at Hornbach Baumarkt AG in the Germany region rose by 18.2 %, and thus faster than 
the group average, to Euro 2,654 million in the 2020/21 financial year (2019/20: Euro 2,245 million). On a 
like-for-like basis, i.e. excluding stores newly opened or closed in the past twelve months, sales growth stood at 18.6 
% (2019/20: 6.5 %). Most recently, Hornbach significantly extended its head start over the German DIY sector. Based on 
the 2020 calendar year, Hornbach outperformed the sector average by more than eight percentage points. In Germany, 
Hornbach operated 96 stationary DIY retail stores at the balance sheet date (2019/20: 96), as well as two Bodenhaus 
outlets, a flooring specialist format launched in Cologne and Berlin in the fourth quarter of 2020/21. Even though 
Hornbach did not open any new DIY stores with garden centers in Germany, its share of the DIY market rose to 12.0 % 
(2019/20: 11.3 %), with this being due not least to growth in its online business. 
Overview of group-wide restrictions on sales (DIY) in 2020/21 financial year 
Country / Federal State                                                      Stationary store closures for       No. of 
                                                                             private customers                   stores 
Germany                                                                                                              96 
                                                                             3.20.2020 to 4.19.2020; 12.16.2020 
Bavaria                                                                      to 2.28.2021                            14 
                                                                             3.23.2020 to 4.3.2020; 12.16.2020 
Lower Saxony                                                                 to 2.28.2021                             9 
                                                                             3.23.2020 to 4.20.2020; 12.14.2020 
Saxony                                                                       to 2.28.2021                             5 
Baden-Württemberg, Berlin, Brandenburg, Bremen, Hamburg, Hesse, North 
Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony-Anhalt, 
Schleswig-Holstein, Thuringia                                                12.16.2020 to 2.28.2021                 68 
Other European Countries                                                                                             64 
                                                                             3.16.2020 to 4.14.2020; 11.17.2020 
                                                                             to 12.6.2020; 12.26.2020 to 
Austria                                                                      2.7.2021                                14 
                                                                             3.14.2020 to 4.9.2020; 10.22.2020 
                                                                             to 12.2.2020; 12.27.2020 to 
Czech Republic                                                               2.28.2021                               10 
                                                                             3.16.2020 to 4.20.2020; 12.28.2020 
Luxembourg                                                                   to 01.20.2021                            1 
Netherlands                                                                  12.15.2020 to 2.28.2021                 15 
                                                                             No significant restrictions on 
Romania                                                                      sales                                    7 
                                                                             3.14.2020 to 5.6.2020; 12.19.2020 
Slovakia                                                                     to 2.28.2021                             4 
                                                                             No significant restrictions on 
Sweden                                                                       sales                                    7 
Switzerland                                                                  3.17.2020 to 4.27.2020                   7 
Group                                                                                                               161 

"The coronavirus crisis has sustainably changed customer behavior. Making sure their homes are in good shape and safe has become more important to people, not least as many employees will be working from home more often in future as well. Demand for renovation and repair work has risen noticeably. Not only that, during the pandemic even more customers drew on the benefits of online orders and click & collect", added Erich Harsch, CEO of Hornbach Baumarkt AG. It was absolutely the right political decision to allow DIY stores to reopen. "By implementing well-proven protection and hygiene concepts, we showed we could reliably ensure compliance with the required social distancing at our huge stores. The reopening of the first stores in Germany at the beginning of March met with an enthusiastic response from customers. That clearly shows the important role DIY stores and garden centers have to play in meeting many people's basic needs, particularly now that spring has begun. That holds true for all countries", stressed Erich Harsch.

International activities with like-for-like growth of 10.8 %

Including the DIY store with a garden center newly opened in Oradea (Romania) in September 2020 and the online business, the Hornbach Baumarkt AG subgroup increased its sales in the eight countries in which it operates outside Germany (Other European Countries region) by 12.8 % to Euro 2,463 million (2019/20: Euro 2,183 million). The international share of consolidated sales fell slightly from 49.3 % to 48.1 % as, all in all, the international stores were more severely affected by lockdown measures than their German counterparts during the 2020/21 financial year. On a like-for-like basis and net of currency items, Hornbach increased its sales in Other European Countries by 10.8% (previous year: 8.9 %). Including currency items, like-for-like sales also rose by 10.8 % (2019/20: 9.2 %).

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March 23, 2021 02:02 ET (06:02 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
HORNBACH BAUMARKT AG -1.49% 36.3 Delayed Quote.1.40%
HORNBACH HOLDING AG & CO. KGAA -0.93% 85.6 Delayed Quote.8.77%
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Sales 2022 5 474 M 6 628 M 6 628 M
Net income 2022 140 M 170 M 170 M
Net Debt 2022 1 023 M 1 239 M 1 239 M
P/E ratio 2022 9,77x
Yield 2022 2,34%
Capitalization 1 370 M 1 657 M 1 658 M
EV / Sales 2022 0,44x
EV / Sales 2023 0,40x
Nbr of Employees 15 462
Free-Float 54,2%
Duration : Period :
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Technical analysis trends HORNBACH HOLDING AG & CO. KGAA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 3
Average target price 111,33 €
Last Close Price 85,60 €
Spread / Highest target 39,0%
Spread / Average Target 30,1%
Spread / Lowest Target 22,7%
EPS Revisions
Managers and Directors
Albrecht Hornbach Chairman-Management Board
Karin Dohm Chief Financial Officer
John Feldmann Chairman-Supervisory Board
Simone Krah Member-Supervisory Board
Melanie Thomann-Bopp Member-Supervisory Board
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