Trading update Q3 2016: revenue increases by 5.8%. Germany under pressure.
(Thomson Reuters ONE) -
First nine months
* Net revenue increased by 5.7% to ? 298.7 million (like-for-like order
intake: +2.2%).
* Gross profit rose by 40 bps to 57.0%.
* Expenses increased by 8.7% to ? 154.2 million.
* EBITDA decreased by 4.5% to ? 24.5 million.
Third quarter
* Net revenue increased by 5.8% to ? 102.0 million (like-for-like order
intake: -0.3%).
* Gross profit rose by 30 bps to 56.9%.
* Expenses increased by 14.2% to ? 53.8 million.
* EBITDA decreased by 27.1% to ? 7.4 million.
Third quarter
Revenue of Beter Bed Holding rose by 5.8% to ? 102.0 million in the third
quarter. This increase was achieved through an increase in the number of stores
as a result of organic growth and acquisitions. The total like-for-like order
intake amounted to -0.3%. This decrease was mainly caused by lower footfall in
Germany.
Revenue in Germany decreased by 7.4% (Q3 2015: +1.5%). Order intake at
comparable stores in Germany decreased by 8.8%.
Revenue in the Netherlands rose by 15.5% due to recovering demand and strong
commercial promotions. Order intake at comparable stores increased by 14.8%.
Austria, Switzerland, Spain and Belgium achieved growth in revenue of
17.4%, 30.6%, 32.6% and 34.5% respectively. With the exception of Austria, this
increase was caused by a combination of expansion and like-for-like growth of
the order intake.
The average number of stores was 4.7% higher compared to the same period last
year. This increase was primarily due to the acquisitions of Sängjätten in
Sweden, BettenMax in Austria and store openings in Spain, Belgium, Germany and
Switzerland.
Gross profit
Gross profit rose to 56.9% in the third quarter (Q3 2015: 56.6%) mainly as a
result of improved purchasing conditions.
Expenses
Expenses rose by ? 6.7 million (+14.2%) in the third quarter. This was caused by
a 4.7% increase in the number of stores, an increase in staff on the shop floor
in primarily the Benelux, higher expenses due to increased advertising expenses,
greater investment in employee sales training, increased depreciation, and
additional costs as a consequence of the organisation's further
professionalisation within the parameters of the strategic plan.
EBITDA
The lower revenue in Germany resulted in an EBITDA decrease from ? 10.1 million
to ? 7.4 million in the third quarter. EBITDA consequently amounted to 7.3% of
revenue (cumulative: 8.2% of revenue).
Developments
In the Benelux, Spain, France, Switzerland, Austria and Sweden a continuation of
the positive revenue development is expected. For the fourth quarter the company
expects a lower revenue in Germany, although the revenue trend is slightly
improving. The focus in the upcoming quarter will remain on the accelerated
execution of the 'From Good to Great 2016-2020' strategy, primarily in Germany.
Interim dividend
Similar to prior years the company will apply a pay-out ratio of 65%, which
means an interim dividend of ? 0.34 per share (2015: ? 0.39 per share). The
dividend is expected to be made payable on
16 November 2016 and the share will be listed ex-dividend on 1 November 2016.
The record date has been set at 2 November 2016.
Profile
Beter Bed Holding is a European retail organisation that strives to offer its
customers a comfortable and healthy night's rest every night at an affordable
price. The company does this via stores and its own webshops through the
formats:
* Matratzen Concord, located in Germany, Switzerland and Austria.
* Beter Bed, located in the Netherlands and Belgium.
* Beddenreus, located in the Netherlands.
* El Gigante del Colchón, located in Spain.
* Literie Concorde, located in France.
* Sängjätten, located in Sweden.
The retail formats ensure products of good quality, offer customers the best
advice and always the best possible deal.
Beter Bed Holding is also active as a wholesaler of branded products in the
bedroom furnishing sector via its subsidiary DBC International. The
international brand M Line is sold in the Netherlands, Germany, Belgium,
Austria, Switzerland, Spain, France, Sweden and the United Kingdom.
The current total number of stores is 1,186. In 2015, the company achieved net
revenue of ? 385.4 million. 70.1% of this figure was realised outside the
Netherlands.
Beter Bed Holding N.V. has been listed on the Euronext Amsterdam since December
1996 and its shares (BBED NL0000339703) have been included in the AScX Index.
For more information:
Ton Anbeek Bart Koops
Chief Executive Officer Chief Financial Officer
+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
pdf press release 28-10-2016:
http://hugin.info/132850/R/2052278/768044.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Beter Bed Holding NV via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2016 - 08:00 Uhr
Sprache: Deutsch
News-ID 503489
Anzahl Zeichen: 5942
contact information:
Town:
Uden
Kategorie:
Business News
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