Hornbach reports increasing turnover and profit at half year
The Hornbach-Baumarkt-AG 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 for the first six months increased 8.3 per cent to 1,854.9 million Euro (2013/2014: 1,712.5 million Euro), the company reports.
2014-10-10 10:36:21
Consolidated operating earnings (EBIT) for the same period grew disproportionately compared with sales, rising by 12.5 per cent to 122.2 Euro million. The convergence of several base effects in the second quarter prevented an even better performance for the first half of 2014/2015 as a whole. After five new store openings and two location closures in the first half of the year, Hornbach was operating 144 retail outlets across Europe, of which 95 in Germany, as of August 31, 2014.
In the second quarter of 2014/2015 (June 1 to August 31, 2014) consolidated sales grew slightly by 0.5 per cent to 878.3 million Euro (2013/2014: 873.5 million Euro). Like-for-like consolidated sales net of currency items fell 1.0 per cent short of the comparative figures for the previous year quarter. On the one hand, this slight downturn was mainly 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 in 2013 and generated record sales in the process. Despite these negative base effects, adjusted sales virtually matched the previous year′s figures, with shortfalls of 1.0 per cent in both the Germany and Other European countries segments.
The Hornbach-Baumarkt-AG Group 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) grew 12.5 per cent to 122.3 million Euro (2013/2014: 108.7 million Euro). Consolidated earnings before taxes improved 13.7 per cent to € 113.0 million (2013/2014: € 99.4 million). Net income for the period increased by 17.0 per cent to 80.5 million Euro (2013/2014: 68.8 million Euro).
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