Beter Bed: decrease in operating profit continued in third quarter
(Thomson Reuters ONE) -
* Revenue in Q3 decreased by 13.6% to ? 86.5 million.
* Gross profit rose from 55.7% to 56.3%.
* Expenses fell to ? 45 million (-9.0%).
* Operating profit fell to ? 3.7 million (2012: ? 6.3 million).
* Net profit in Q3 2013 decreased by 36.6% to ? 2.8 million (2012: ? 4.4
million).
* Interim dividend of ? 0.20 a share (2012: ? 0.35).
Third quarter
Revenue fell by 13.6% from ? 100.2 million in Q3 2012 to ? 86.5 million in Q3
2013. The average number of stores decreased by 1.4% primarily as a result of
the restructuring in Spain and the lower expansion in Germany. Revenue at
comparable stores for the group decreased by 15.4% in the third quarter.
Key figures third quarter:
(in millions of ?, unless stated otherwise) 2013 2012 Change
Revenue 86.5 100.2 (13.6%)
Gross profit (%) 56.3 55.7
Expenses 45.0 49.5 (9.0%)
Operating profit (EBIT) 3.7 6.3 (41.4%)
Net profit 2.8 4.4 (36.6%)
Earnings per share (in ?) 0.13 0.20 (35.0%)
30-9-2013 30-9-2012
Solvency (%) 59.3 53.9
Chief Executive Officer Ton Anbeek:
'The continuing low consumer confidence placed revenue under strong pressure in
the third quarter of 2013. The propensity to buy remains low in the Netherlands,
Spain and Belgium. The weather conditions played a negative role in Germany at
the beginning of the quarter. German consumers showed an unexpected lower
propensity to buy furniture, including mattresses, and this placed further
pressure on revenue at the end of the quarter. Switzerland and Austria posted
positive revenue performance. The ongoing focus on improving margins,
controlling costs and reducing complexity made it possible to compensate
partially for the decline in revenue. Despite the lower profit in the first nine
months of 2013, our financial position remains unabatedly strong. This enables
us to withstand the difficult market conditions and to improve our market
position further.'
Revenue in the two most important markets, namely the Netherlands and Germany,
decreased by 21.1% and 9.0% respectively in the third quarter compared to the
third quarter of last year. Revenue at comparable stores in Germany fell by
13.1%.
The visitor numbers in Germany were unexpectedly lower at the end of the third
quarter. These lower visitor numbers reflect the current low propensity to buy
in Germany with respect to products including furniture, mattresses and beds,
jewellery and household appliances. The mattress industry posted a drop in
revenue of approximately 11.0% in the period January through July 2013.
Revenue in the Netherlands fell at comparable stores by 21.7%. This decrease
reflects the continuing low level of consumer confidence and low propensity to
buy in the Netherlands.
Following a 42.7% drop in revenue at comparable stores in Spain in the first
half of 2013 the third quarter saw a 29.7% decrease. The previously announced
restructuring of El Gigante del Colchón is progressing according to plan.
Spain's share in the consolidated revenue in the first nine months of 2013
amounts to 2.1%.
Gross profit as a percentage of revenue increased in the third quarter from
55.7% in 2012 to 56.3% in 2013 due in part to improved purchasing conditions.
Total expenses fell by 9.0% from ? 49.5 million in Q3 2012 to ? 45 million in Q3
2013. Average expenses per store (excl. DBC) consequently decreased by 7.3% in
the third quarter of 2013 compared to the third quarter of 2012. Operating
profit (EBIT) fell by 41.4% from ? 6.3 million in the third quarter of 2012 to ?
3.7 million in the third quarter of 2013. Operating profit as percentage of
revenue decreased from 6.3% to 4.2%.
First nine months
Revenue at comparable stores in Germany decreased by 9.1% in the first nine
months. In the Netherlands the decrease was 16.5% during the same period.
Revenue at comparable stores for the group fell by 11.8% during this period. The
average number of stores remained more or less unchanged. Total revenue in the
first nine months of 2013 decreased as a result by 10.1% to ? 266.6 million.
Revenue performance per country during this period was as follows:
Netherlands (16.6%)
Germany (4.9%)
Austria 5.0%
Switzerland 4.5%
Spain (47.5%)
Belgium (28.0%)
57 stores were opened and 93 stores were closed (including 28 closures in Spain)
in the first nine months of 2013. This brings the total number of stores at the
end of September 2013 to 1,183 (end of September 2012: 1,214).
Key figures for first nine months:
(in millions of ?, unless stated through Q3 2013 through Q3 2012 Change
otherwise)
Revenue 266.6 296.4 (10.1%)
Gross profit (%) 56.4 55.8
Operating profit (EBIT) 11.7 19.2 (38.8%)
Net profit 8.2 13.5 (39.2%)
Earnings per share (in ?) 0.38 0.62 (38.7%)
30-9-2013 30-9-2012
Solvency (%) 59.3 53.9
Gross profit as percentage of revenue rose from 55.8% in the first nine months
of last year to 56.4% this year as a result of measures taken to improve the
purchasing conditions. The successfully implemented cost-savings program led to
a 4.9% decrease in the average expenses per store (excl. DBC). As a result of
the decrease in revenue at comparable stores and the minimum growth in the
average number of stores, expenses as percentage of revenue rose from 49.3% to
52,0%.
Operating profit (EBIT) decreased in this period by 38.8% from ? 19.2 million in
2012 to ? 11.7 million in 2013. This means operating profit (EBIT) as percentage
of revenue decreased from 6.5% to 4.4%. Earnings per share in the first nine
months amounted to ? 0.38 (first nine months 2012: ? 0.62).
Financial
Investments in the first nine month of 2013 totalled ? 3.8 million (same period
last year: ? 8.2 million). The decrease is the result of lower expansion, fewer
replacement investments and lower investments in IT. The operational cash flow
decreased marginally from ? 23.0 million in the first nine months of 2012 to ?
22.6 million in 2013. Solvency stood at 59.3% on 30 September 2013 (30 September
2012: 53.9%). The net cash position at the end of September 2013 stood at ? 11.3
million compared to ? 3.9 million at the end of September 2012.
Interim dividend
As previously announced, the company will pay an interim dividend. The amount of
the interim dividend has been set at ? 0.20 per share (2012: ? 0.35 per share).
The interim dividend will be made available for payment on 15 November 2013 and
the share will be listed ex-dividend on 5 November 2013. The record date has
been set at 7 November 2013.
Outlook
Given the uncertainties in our two most important markets we do not state a
forecast for operating profit in the fourth quarter.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings market. Its
activities include retail trade through a total of 1,183 stores at the end of
September 2013 that operate via the chains Beter Bed (active in the Netherlands
and Belgium), Matratzen Concord (active in Germany, Switzerland, Austria, the
Netherlands and Belgium), El Gigante del Colchón (active in Spain), BeddenREUS
and Slaapgenoten (both active in the Netherlands) and Schlafberater.com (active
in Switzerland). Beter Bed Holding is also active in the field of developing and
wholesaling branded products in the bedroom furnishing sector in the
Netherlands, Germany, Belgium, Spain, Austria, Switzerland, Turkey and the
United Kingdom via its subsidiary DBC International. Beter Bed Holding N.V.
achieved net revenue of ? 397.3 million in 2012. 65% of the group's net revenue
is realised outside the Netherlands. The company has been listed on the NYSE
Euronext Amsterdam since 1996 and is included in the Amsterdam Small Cap Index.
For further information:
__________________________________________________________________________
Ton Anbeek Bart Koops
CEO CFO
+31 (0)413 338819 +31 (0)413 338819
+31 (0)6 53662838 +31 (0)6 46761405
ton.anbeek(at)beterbed.nl bart.koops(at)beterbed.nl
Please click on the link below for the full version of the press release.
press release 1-11-2013.pdf:
http://hugin.info/132850/R/1739808/584047.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
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(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#1739808]
Unternehmensinformation / Kurzprofil:
Datum: 01.11.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 311724
Anzahl Zeichen: 10656
contact information:
Town:
Uden
Kategorie:
Business News
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