Despite temporary store closures in some federal states during the lockdown, Hornbach posted a record Q1 (as of May 31). Sales rose by 15.7% to just under EUR 1.6 billion, EBIT increased much more strongly by 78.4% and reached EUR 172.8 million. In view of the continuing corona risks, CEO Albrecht Hornbach remains cautious and expects the FY. with sales at the previous year’s level of 4.7 billion euros and with a slightly lower EBIT (previous year: 227 million euros).
However, we assume that the targets will be adjusted upwards in the course of the year, which should give the share a further boost. We expect that
us also from the 1.8. beginning share buyback program. By the end of the fiscal year Hornbach plans to purchase 60,000 of its own papers for a maximum of EUR 2 million. Enough money is available, cash and cash equivalents almost doubled in Q1 to EUR 703 million. At the end of the week, investors took profits. However, the 4% setback offers everyone who has been watching the rally an attractive buying opportunity.
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