Beter Bed posts good first half 2010
(Thomson Reuters ONE) -
Beter Bed posts good first half 2010
· 6.2% growth in revenue.
· 58.8% increase in net profit.
Beter Bed Holding N.V. realised a 58.8% increase in net profit in the first six
months of 2010. Net profit totalled ? 9.9 million in the first half of 2010
(first half 2009: ? 6.2 million). In the first half of 2010, revenue rose by
6.2% to ? 178.2 million (first half 2009: ? 167.7 million). Net profit in the
second quarter of 2010 totalled ? 1.7 million, representing a 108.9% increase in
comparison to the second quarter of 2009. The forecast made in July projected
that second-quarter net profit would increase by at least 100%.
Key half-year figures
(in millions of ? unless stated otherwise) 2010 1H 2009 1H Change
Revenue 178.2 167.7 +6.2%
Gross profit (%) 54.9 53.8
EBIT 13.3 9.0 +47.9%
Net profit 9.9 6.2 +58.8%
Earnings per share (in ?) 0.46 0.29 +58.6%
30-6-2010 30-6-2009
Solvency (%) 52.9 48.4
Ton Anbeek, Chief Executive Officer:
'While market conditions remained negative in the key countries of the
Netherlands and Germany, the company was nonetheless able to post good first
half year revenue with an increase in net profit of more than fifty percent. We
have focused strongly on promotional activities, further improvements to the
range and increased advertising spending. In addition, we have continued to
invest in expanding the number of stores and in developing new products and
concepts, such as Kårlsson and Alpin+. We are particularly pleased that the
Dutch Consumers' Association has again chosen a Beter Bed mattress as the "Best
Buy" in their 3 yearly mattress test. This is once again proof that consumers
get the best value for money at Beter Bed.'
Key second-quarter figures
(in millions of ?) 2010 Q2 2009 Q2 Change
Revenue 81.7 75.5 +8.2%
Gross margin (%) 55.0 54.2
EBIT 2.7 1.3 +103.4%
Net profit 1.7 0.8 +108.9%
Second quarter 2010
Revenue at comparable stores within the entire group increased by 0.8% in the
second quarter of 2010. Growth in revenue at comparable stores amounted to 1.4%
in the first quarter of 2010. The year began in the Netherlands with strong
growth at comparable stores and this development continued through May.
Revenue at comparable stores subsequently developed negatively from June
onwards, primarily owing to lower visitor numbers. Revenue at comparable stores
rose by 1.8% in the Netherlands in the second quarter of 2010.
Marginally positive growth in revenue at comparable stores (0.5%) was
nonetheless realised in Germany in the second quarter of 2010 due to good
performance in the month of June.
Total revenue rose by 8.2% to ? 81.7 million in the second quarter of 2010
(second quarter 2009: ? 75.5 million). Gross profit amounted to 55.0% in the
second quarter of 2010, making it higher than the gross profit realised in the
second quarter of 2009 (54.2%). Operating expenses as a percentage of revenue
fell from 52.4% in the second quarter of 2009 to 51.7% in the second quarter of
2010. Operating profit (EBIT) surged by 103.4% to ? 2.7 million in the second
quarter of 2010 (second quarter 2009: ? 1.3 million). Net profit in the second
quarter of 2010 totalled ? 1.7 million, which is more than double the amount
achieved in the second quarter of 2009
(? 0.8 million). Due to the seasonal pattern of consumer demand, revenue and net
profit are traditionally lower in the second and third quarter than in the first
and fourth quarter.
First half 2010
Revenue increased by 6.2% to ? 178.2 million in the first half of 2010 (first
half 2009: ? 167.7 million). Revenue at comparable stores increased by 1.0% in
the first half of 2010.
Revenue performance per country was as follows:
Netherlands 12%
Germany 2%
Austria 9%
Switzerland 20%
Spain -9%
Belgium 6%
Poland 73% (expanded from two to four stores)
Revenue in the Netherlands increased by 12% in both the first and second quarter
of 2010 compared to the same period of 2009. While revenue in Germany remained
unchanged in the first quarter of 2010 compared to the first quarter of 2009, it
increased by 2% in the second quarter of 2010 compared to the second quarter of
2009.
Gross profit as a percentage of revenue climbed from 53.8% in the first half of
2009 to 54.9% in the first half of 2010. Operating expenses as a percentage of
revenue decreased from 48.4% in the first half of 2009 to 47.5% in the first
half of 2010. Average expenses per store did, however, increase by 1% in the
first six months of the year. Increased spending on advertising was necessary
within the context of a reluctant market in order to nonetheless be able to
attract more visitors to the stores. Distribution expenses also rose as a result
of the increase in revenue realised by the Beter Bed formula. Operating profit
(EBIT) rose from ? 9.0 million to ? 13.3 million. Operating profit (EBIT) as a
percentage of revenue moved from 5.3% to 7.4%.
The tax burden in the first half of 2010 decreased from 28.0% to 24.2%.This was
due in part to the realisation of tax losses in the past that caused the tax
burden to be ? 0.4 million lower than in the same period of last year.
Net profit in the first six months of 2010 rose by 58.8% from ? 6.2 million to
? 9.9 million. Earnings per share in the first half of 2010 totalled ? 0.46
(first half 2009: ? 0.29).
Financial
Investments in the first half of 2010 totalled ? 4.0 million (first half 2009: ?
2.8 million). Investments in stores amounted to ? 3.3 million in the first half
of 2010 (first half 2009: ? 2.5 million). The remaining amount was invested
primarily in IT. Cash flow (net profit plus depreciation) amounted to ? 13.7
million, compared to ? 10.1 million last year. Solvency amounted to 52.9% on 30
June 2010, while it stood at 50.5% at year-end 2009.
Net debt at the end of June 2010 amounted to ? 2.0 million compared to net debt
of ? 9.3 million at the end of June 2009. The net cash position as of 31
December 2009 was ? 15.2 million.
Operational
51 stores were opened and 30 stores were closed during the first half of 2010.
This means that, on balance, a total of 21 stores were added in the first half
of 2010. Germany had, on balance, the largest number of openings with fourteen
new stores. There were a total of 1,085 stores at the end of June 2010.
Number of stores 31-12-2009 Closed Opened 30-6-2010
Matratzen Concord (incl. MAV) 883 19 41 905
Beter Bed 84 1 1 84
El Gigante del Colchón 51 7 7 51
BeddenREUS 34 3 2 33
Slaapgenoten/Dormaël Slaapkamers 12 - - 12
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Total 1,064 30 51 1,085
----------------------------------------------
While the company continues to focus fully on expanding the number of stores,
more store closures took place because these stores no longer fulfilled the set
targets owing to the difficult market conditions.
Matratzen Concord (including MAV)
Number of stores 31-12-2009 Closed Opened 30-6-2010
Germany 740 14 28 754
Germany MAV 21 - - 21
Netherlands 32 3 6 35
Austria 46 1 2 47
Switzerland 34 1 4 37
Belgium 7 - - 7
Poland 3 - 1 4
-------------------------------------------------------
Total 883 19 41 905
-------------------------------------------------------
The cash & carry formula Matratzen Concord realised revenue totalling ? 101.3
million in the first half of 2010 (56.9% of the total group revenue). This
represents growth of 3.1% compared to the same period of 2009. Revenue at
comparable stores decreased by 2.3%. 84.6% of this formula's revenue was
realised in Germany. The formula opened a net total of 22 stores during the
first half of 2010. Of this total, fourteen stores were opened in Germany, three
in the Netherlands, three in Switzerland, one in Austria and one in Poland.
Beter Bed
This formula is only active in the Netherlands. Beter Bed opened one store and
closed one store during the first half of 2010, which means the total number of
stores remained unchanged at 84. Revenue rose in the first half of 2010 from ?
50.4 million to ? 56.6 million, representing an increase of 12.5%. Revenue at
comparable stores increased by 7.6% in the first half of 2010. Beter Bed
contributed 31.8% to the total group revenue.
Other formulas
The other formulas realised combined revenue of ? 20.2 million in the first half
of 2010 and consequently contributed 11.3% to the total group revenue. This
includes the revenue generated by the retail formulas BeddenREUS (Netherlands),
Slaapgenoten/Dormaël (Netherlands), El Gigante del Colchón (Spain) and the
wholesaler DBC. The revenue generated by the other formulas was consequently
5.9% higher in the first half of 2010 than in the comparable period
of last year.
Outlook
Due to the continuing relatively low level of consumer confidence, the
considerable penchant for saving and the related limited willingness of
consumers to make large purchases, markets will continue to decrease unabated
(the market in the Netherlands shrank by 9% in the first six months of 2010).
Beter Bed Holding expects to be able to continue to gain market share under
these circumstances.
The order intake at comparable stores in the Netherlands began decreasing in
early June. This development also persisted in July as a result of lower visitor
number due in part to the warm summer weather. Revenue at comparable stores in
Germany also decreased in July due to the same reason. This will have a
substantial impact on revenue in the third quarter. Visitor numbers have been
back on the rise in both countries since August and as a result the order
portfolio has once again grown considerably.
In anticipation that this trend in the order intake will continue in September,
and barring any unforeseen circumstances, net profit of at least ? 4.8 million
is expected for the third quarter (third quarter 2009: ? 5.8 million).
Interim dividend
The company intends to pay out an interim dividend in 2010 as well. As
customary, further information regarding this interim pay-out will be provided
upon publication of the third-quarter figures on 29 October 2010.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities
include retail trade through a total of 1,085 stores at the end of June 2010
that operate via the chains Beter Bed (active in the Netherlands), Matratzen
Concord (active in Germany, the Netherlands, Austria, Switzerland, Belgium and
Poland), El Gigante del Colchón (active in Spain), BeddenREUS, Dormaël and
Slaapgenoten (all three active in the Netherlands) and MAV (active in Germany).
Beter Bed Holding is also active in the field of developing and wholesaling
branded products in the bedroom furnishings sector in the Netherlands, Belgium,
Germany and Spain via its subsidiary DBC International. Beter Bed Holding
achieved net revenue of ? 361.5 million in 2009. The company has been listed on
Euronext Amsterdam since December 1996. The Beter Bed Holding share is included
in the Amsterdam Small Cap Index.
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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.
[HUG#1440831]
press release 27-8-2010:
http://hugin.info/132850/R/1440831/385135.pdf
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Source: Beter Bed Holding NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.08.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 40314
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Town:
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Kategorie:
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"Beter Bed posts good first half 2010"
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