Beter Bed realises 7% growth in revenue and increased operating profit in Q1 2012
(Thomson Reuters ONE) -
* Growth in revenue mainly due to positive developments in Germany.
* Challenging market conditions continue in the Netherlands and in Spain.
* 3.5% growth in operating profit despite increased marketing activities.
* Net profit virtually the same as in Q1 2011 at ? 8.9 million (Q1 2011: ?
9.0 million).
* Expansion continued unabated: Net total of 23 stores opened in Q1 2012.
Beter Bed Holding N.V. realised revenue totalling ? 108.5 million in the first
quarter of 2012. This represents an increase of nearly 7% compared to the first
quarter of 2011 (first quarter 2011: ? 101.4 million). Operating profit grew by
3.5% to ? 12.3 million (first quarter 2011: ? 11.9 million). Net profit remained
virtually the same as in the first quarter of 2011 at ? 8.9 million (first
quarter 2011: ? 9.0 million). The increased revenue, a fractionally lower gross
profit and strongly increased marketing costs, with unchanged average expenses
per store, led to an increase of the operating profit by 3.5%. Net profit in the
first quarter of 2012 is marginally lower due to the higher tax burden.
Key figures for first quarter
+--------------------------------------------+---------+---------+--------+
| (in millions of ? unless stated otherwise) | Q1 2012 | Q1 2011 | Change |
+--------------------------------------------+---------+---------+--------+
| Revenue | 108.5 | 101.4 | 6.9% |
+--------------------------------------------+---------+---------+--------+
| Gross profit (%) | 55.8% | 56.0% | |
+--------------------------------------------+---------+---------+--------+
| Operating profit/EBIT | 12.3 | 11.9 | 3.5% |
+--------------------------------------------+---------+---------+--------+
| Net profit | 8.9 | 9.0 | (0.7%) |
+--------------------------------------------+---------+---------+--------+
| Earnings per share (in ?) | 0.41 | 0.42 | (2.4%) |
+--------------------------------------------+---------+---------+--------+
| Solvency (%) | 57.9% | 55.7% | |
+--------------------------------------------+---------+---------+--------+
Ton Anbeek, Chief Executive Officer:
'We are very satisfied with the developments in Germany. The company has
succeeded in realising strong growth in revenue in comparable stores for the
third consecutive quarter. This increase has amounted to more than 9% over the
last three quarters. Market share in Germany also rose again in the first
quarter. The company does, however, continue to be faced with markets in Spain
and the Netherlands that once again contracted in the first quarter. Despite
this contraction, market shares in both countries nonetheless grew as a result
of strengthened promotional activities and the increase in the number of
stores.'
First Quarter 2012
There was limited growth in revenue in comparable stores of 0.3% in the first
quarter of 2012. There continued to be differing performance between the two key
markets of the Netherlands and Germany in the first quarter of 2012. Revenue in
comparable stores rose by 8% in Germany, while it decreased by 7% in the
Netherlands.
Revenue rose by 12% in Germany in the first quarter of 2012 (including new
stores).
Despite the decrease in revenue in comparable stores in the Netherlands, the
total decrease in revenue in the country could be limited to 2% due to the
growth in the number of stores.
This has also led to continuing growth in market share.
The decrease in revenue in comparable stores amounted to 17% in Spain. Total
revenue in Spain rose by 5% thanks to the opening of new stores.
The change in revenue per country in the first quarter of 2012 compared to the
first quarter of 2011 is as follows:
Netherlands -2%
Germany +12%
Austria +14%
Switzerland +23%
Spain +5%
Belgium +52% (from 9 to 10 stores)
Poland +49% (from 4 to 6 stores)
Total +7%
38 stores were opened and 15 stores were closed in the first quarter of 2012.
This brings the total number of stores to 1,210 at the end of March 2012. The
new stores are mainly Matratzen Concord stores in Germany and El Gigante del
Colchón stores in Spain.
Number of stores 31.12.2011 Closed Opened 31.3.2012
Matratzen Concord 963 7 29 985
Beter Bed 87 - - 87
El Gigante del Colchón 67 - 6 73
BeddenREUS 39 - 1 40
Slaapgenoten/
Dormaël Slaapkamers 16 - 1 17
Matratzen-AbVerkauf (MAV) 15 8 1 8
-------------------------------------------
Total 1,187 15 38 1,210
-------------------------------------------
Financial
Revenue rose by 6.9% in the first quarter of 2012 compared to the first quarter
of 2011. Gross profit decreased by 0.2 percentage points in the first quarter of
2012 to 55.8%. Gross profit decreased primarily as a result of more aggressive
promotions during the important winter sales period, principally in the
Netherlands. The increase in operating expenses from ? 44.9 million in the first
quarter of 2011 to ? 48.2 million in the first quarter of 2012 is in line with
the growth in the number of stores from 1,127 at the end of March 2011 to 1,210
at the end of March 2012.
Operational expenses as a percentage of revenue increased from 44.3% in the
first quarter of 2011 to 44.5% in the comparable period of 2012. Operating
profit totalling ? 12.3 million or 11.4% of the revenue was achieved in the
first quarter of 2012 (first quarter 2011: ? 11.9 million, 11.8% of the
revenue). Due in part to the growth in the share of the profit realised in
Germany, the tax burden rose from 24.4% in the first quarter of 2011 to 27.2% in
the first quarter of 2012.
Net profit in the first quarter of 2012 amounted to ? 8.9 million compared to ?
9.0 million in the same period of last year. Earnings per share in the first
quarter of 2012 amounted to ? 0.41 (same period 2011: ? 0.42).
Solvency totalled 57.9% at the end of the first quarter of 2012 (end first
quarter 2011: 55.7%, end 2011: 54.1%).
Outlook for six months of 2012
In April the company was able to benefit in the Netherlands from an early Easter
with favourable weather conditions, which resulted in more visitors. There are
not, however, any signs of structural recovery yet. In Germany the positive
trend also continued in the second quarter. Nevertheless, the order portfolio
for the entire group at the beginning of the second quarter was ? 2 million
lower than a year before. Based on these developments, the company expects to
realise a virtually unchanged or lower operating profit in the first half of
2012 compared to the first half of 2011.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings market. Its
activities include retail trade through a total of 1,210 stores at the end of
March 2012 that operate via the chains Beter Bed (the Netherlands and Belgium),
Matratzen Concord (Germany, Switzerland, Austria, the Netherlands, Belgium and
Poland), El Gigante del Colchón (Spain), BeddenREUS, Dormaël Slaapkamers and
Slaapgenoten (all three active in the Netherlands) and MAV (Germany). Beter Bed
Holding is also engaged in developing and wholesaling branded products in the
bedroom furnishings sector in the Netherlands, Germany, Belgium, Spain, Austria,
Switzerland and Turkey via its subsidiary DBC International. Beter Bed Holding
achieved net revenue of ? 397.0 million in 2011. A total of 63% of the group's
net revenue is generated outside the Netherlands. The company has been listed on
NYSE Euronext Amsterdam since December 1996. Beter Bed Holding shares are traded
on the Amsterdam Small Cap Index.
--------------------------------------------------------------------------------
Financial Calendar
Publication Q2 2012 trading statement week
28 20.07.2012
Publication half-year results 2012 week
35 30.08.2012
Analysts' Meeting half-year results 2012 week 35
30.08.2012
Publication Q3 2012 results week
43 26.10.2012
Publication Q4 2012 trading statement week
3 18.01.2013
--------------------------------------------------------------------------------
For more information, please contact: Ton Anbeek, Chief Executive Officer
Tel. +31 (0)413 338819 / Fax +31 (0)413 338829 / Mob. +31 (0)6 53662838
E-mail: ton.anbeek(at)beterbed.nl / Website: www.beterbedholding.com
Please click on the link below for the full version of the press release.
press release 10-5-2012:
http://hugin.info/132850/R/1610468/511900.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Beter Bed Holding NV via Thomson Reuters ONE
[HUG#1610468]
Unternehmensinformation / Kurzprofil:
Datum: 10.05.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 144879
Anzahl Zeichen: 10854
contact information:
Town:
Uden
Kategorie:
Business News
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