Beter Bed achieves 33.3% increase in profit in first nine months of 2010
(Thomson Reuters ONE) -
Third quarter:
* Revenue increases by 2.3% in Q3 to ? 94.0 million.
* Net profit of ? 6.2 million in Q3 2010 exceeds forecast (2009: ? 5.8
million).
* Gross profit rises by 0.8% to 55%.
First nine months:
* Revenue grows 4.8% through Q3 from ? 259.6 million in 2009 to ? 272.1
million in 2010.
* Net profit increases by 33.3% in the first nine months from ? 12.0 million
to ? 16.0 million.
* Net total of 30 stores opened in first nine months.
* Interim dividend of ? 0.47 per share (2009: ? 0.35).
Beter Bed Holding N.V. realised revenue of ? 94.0 million (Q3 2009: ? 91.9
million) and net profit of ? 6.2 million in the third quarter of 2010 (2009: ?
5.8 million). Net profit of at least ? 4.8 million in the third quarter of 2010
was still forecast at the time of publication of the half-year figures 2010 in
August. The company was able to further improve its profit due to a recovery in
revenue from August and a rise in gross profit.
Key figures for the third quarter:
(in millions ?, unless stated otherwise) 2010 2009 Change
Revenue 94.0 91.9 +2.3%
Gross profit (%) 55.0 54.2
Operating profit (EBIT) 8.4 8.0 +5.0%
Net profit 6.2 5.8 +6.0%
Third quarter
The beginning of the third quarter was characterised by negative revenue
performance at comparable stores owing to lower visitor numbers due to the warm
summer weather. This trend was reversed from August and both the number of
visitors and the revenue performance at comparable stores once again increased
in comparison to last year. These increases were, however, insufficient to make
up for the arrears incurred in July. Revenue at comparable stores fell by 1.8%
in the third quarter of 2010.
Despite the negative revenue performance at comparable stores, revenue rose by
2.3% in the third quarter of 2010 thanks to more than 3% growth in the number of
stores. Third-quarter revenue grew from ? 91.9 million in 2009 to ? 94.0 million
in 2010. Gross profit as a percentage of revenue increased from 54.2% in the
third quarter of 2009 to 55.0% in the third quarter of 2010.
Average expenses per store remained virtually unchanged in comparison to the
third quarter of 2009. Total expenses as a percentage of revenue rose from
45.5% to 46.1% due to the increase in the number of stores. Operating profit
(EBIT) increased by 5% from ? 8.0 million in the third quarter of 2009 to ? 8.4
million in the third quarter of 2010. Operating profit as a percentage of
revenue rose as a result from 8.7% to 8.9%.
First nine months
Revenue at comparable stores remained more or less stable in the first nine
months of 2010 in comparison to the same period of last year (-0.1%). Total
revenue during the same period rose by 4.8% to ? 272.1 million due to the
opening of new stores.
Revenue performance per country during this period was as follows:
Netherlands 9%
Germany 2%
Austria 8%
Switzerland 24%
Spain -4%
Belgium 9%
Poland 47% (increased from two to four stores)
75 stores were opened and 45 stores were closed in the first nine months of
2010. This brings the total number of stores at the end of September 2010 to
1,094.
Key figures in the first nine months:
(in millions ?, unless stated otherwise) Cum. 2010 Q3 Cum. 2009 Q3 Change
Revenue 272.1 259.6 +4.8%
Gross profit (%) 54.9 53.9
Operating profit (EBIT) 21.6 16.9 +27.7%
Net profit 16.0 12.0 +33.3%
Earnings per share (in ?) 0.75 0.57 +31.6%
30-9-2010 30-9-2009
Solvency (%) 51.4% 46.7%
Gross profit as a percentage of revenue rose from 53.9% last year to 54.9% this
year. While average expenses per store increased by 0.4% in the first nine
months of 2010, expenses as a percentage of revenue decreased from 47.4% to
47.0% due to the further expansion of the number of stores and growth in
revenue. Operating profit (EBIT) increased by 27.7% in the first nine months of
2010 from ? 16.9 million in 2009 to ? 21.6 million in 2010. Operating profit
(EBIT) as a percentage of revenue consequently rose from 6.5% to 7.9%.
The tax burden decreased from 26.8% to 24.8% in the first nine months of 2010 in
part due to the realisation of tax losses from the past, which caused the tax
burden to be ? 0.4 million lower than in the same period of last year.
Earnings per share in the first nine months of 2010 amounted to ? 0.75 (first
nine months of 2009: ? 0.57).
Financial
Investments amounted to ? 5.6 million in the first nine months of 2010 (same
period last year: ? 4.2 million). Investments in stores totalled ? 4.7 million
compared to ? 2.1 million last year. The cash flow (net profit plus
depreciation) was ? 21.9 million in the first nine months of 2010 compared to ?
17.8 million in the same period of last year. Solvency totalled 51.4% on 30
September 2010 compared to 50.5% at year-end 2009.
The net cash position was ? 18.3 million at the end of September 2010 compared
to ? 16.3 million at the end of September 2009. On 31 December 2009, the net
cash position totalled ? 15.2 million.
Interim dividend
The company will pay an interim dividend as usual after the third quarter. The
amount of the interim dividend has been set at ? 0.47 per share (2009: ? 0.35
per share). The dividend will be made available for payment on 17 November 2010
and the share will be listed ex-dividend on 1 November 2010. The record date has
been set at 3 November 2010.
Outlook
If the current trends in consumer confidence and revenue performance continue in
the company's key markets in the fourth quarter of 2010, the company expects,
barring unforeseen circumstances, to be able to achieve an approximately 10%
increase in net profit for the entire year 2010 in comparison to 2009 when
profit totalled ? 23.9 million.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities
include retail trade through a total of 1,094 stores at the end of September
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.
--------------------------------------------------------------------------------
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#1456722]
Press release 29-10-2010.pdf:
http://hugin.info/132850/R/1456722/396627.pdf
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Source: Beter Bed Holding NV via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 47213
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