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Tuesday, April 13, 2021

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Corona boom: Hornbach increases profits by more than 40 percent

In the corona pandemic, many people in Germany spent more money on beautifying their homes – at least that is the case for the business of the hardware store group Hornbach: According to preliminary calculations, adjusted earnings before interest and taxes should rise by more than 40 percent in the fiscal year ended February Hornbach announced that it had increased by around 325 million euros.

The group justified the strong increase in profit itself with the effects of the corona crisis: the withdrawal into your own four walls, increased work from home and changed consumer behavior would have boosted the demand for construction and do-it-yourself ranges.

As a result, group sales rose by more than 15 percent to just under 5.46 billion euros. In the fourth quarter of the financial year, however, the latest tightening to contain the pandemic also made itself felt at Hornbach. The Hornbach Group’s DIY megastores with garden centers recorded a like-for-like sales decline of 3.5 percent.

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