Beter Bed posts good first quarter of 2011
(Thomson Reuters ONE) -
* 5% growth in revenue despite reluctant consumers.
* 10% growth in net profit due to higher revenue and gross margin.
* Net total of 10 stores opened in first quarter of 2011.
Beter Bed Holding N.V. achieved revenue of ? 101.4 million in the first quarter
of 2011, representing a 5% increase in comparison to the first quarter of 2010
(? 96.5 million). Operating profit rose by 12.5% to ? 11.9 million (first
quarter of 2010: ? 10.6 million). Net profit grew by 10% from ? 8.2 million in
the first quarter of 2010 to ? 9.0 million in the first quarter of 2011. The
rise in net profit is primarily attributable to the increased revenue and higher
gross profit. The company previously forecast that net profit in the first
quarter of 2011 would be at least equal to the net profit realised in the first
quarter of 2010.
Key first quarter figures
+--------------------------------------------+---------+---------+--------+
| (in millions of ? unless stated otherwise) | Q1 2011 | Q1 2010 | Change |
+--------------------------------------------+---------+---------+--------+
| | | | |
+--------------------------------------------+---------+---------+--------+
| Revenue | 101.4 | 96.5 | 5.1% |
+--------------------------------------------+---------+---------+--------+
| Gross profit (%) | 56.0% | 54.8% | |
+--------------------------------------------+---------+---------+--------+
| Operating profit/EBIT | 11.9 | 10.6 | 12.5% |
+--------------------------------------------+---------+---------+--------+
| Net profit | 9.0 | 8.2 | 10.0% |
+--------------------------------------------+---------+---------+--------+
| | | | |
+--------------------------------------------+---------+---------+--------+
| Earnings per share (in ?) | 0.42 | 0.38 | 10.5% |
+--------------------------------------------+---------+---------+--------+
| | | | |
+--------------------------------------------+---------+---------+--------+
| Solvency (%) | 55.7% | 54.9% | |
+--------------------------------------------+---------+---------+--------+
| Net cash position | 26.8 | 21.5 | |
+--------------------------------------------+---------+---------+--------+
Chief Executive Officer Ton Anbeek:
'The company still faces reluctant consumers and decreasing willingness to buy
in its key markets. The markets for bedroom products particularly in the
Netherlands and Spain shrunk approximately 8% in the first quarter of 2011.
Thanks to strong promotional activities and the growth in the number of stores,
we were nonetheless once again able to achieve good results despite these
difficult markets in the first quarter of 2011. This proves that our expansion
strategy and our promotional policy are paying off.'
First quarter of 2011
Revenue at comparable stores increased slightly by 0.3% in the first quarter.
The main markets showed a mixed picture with first quarter 2011 revenue at
comparable stores falling by 1% in the Netherlands and increasing by 2% in
Germany.
Despite the decrease in revenue at comparable stores, it was nonetheless
possible to achieve a 1% total rise in revenue in the Netherlands. Revenue in
Germany even increased in the first quarter by 6% due to the rise in revenue at
the comparable stores and the growth in the number of stores. Despite a 2%
decrease in revenue at comparable stores, 9% growth in revenue was still
achieved in Spain. Revenue rose in all the countries in which the company is
active. The total increase in revenue compared to the first quarter of 2010
amounted to 5.1%.
Growth in revenue in the first quarter of 2011 compared to the first quarter of
2010 per country was as follows:
Netherlands 1%
Germany 6%
Austria 18%
Switzerland 21%
Spain 9%
Belgium 24%
Poland 13%
21 stores were opened and 11 were closed in the first quarter of 2011. This
brought the total number of stores to 1,127 at the end of March 2011.
Number of stores 31-12-2010 Closed Opened 31-3-2011
Matratzen Concord 915 10 16 921
Beter Bed 85 - - 85
El Gigante del Colchón 53 - 3 56
BeddenREUS 35 - 1 36
Matratzen-AbVerkauf (MAV) 17 - - 17
Slaapgenoten/
Dormaël Slaapkamers 12 1 1 12
-------------------------------------------
Total 1,117 11 21 1,127
-------------------------------------------
Financial
Revenue increased by 5.1% in the first quarter of 2011 compared to the first
quarter of 2010. Gross profit improved by 1.2 percentage point to 56.0% in the
first quarter of 2011 compared to 54.8% in the first quarter of 2010. The rise
in gross profit as a percentage of revenue in the first quarter was once again
driven by range innovation and an improved product mix.
The increase in operating expenses from ? 42.3 million in the first quarter of
2010 to ? 44.9 million in the first quarter of 2011 was in line with the growth
in the number of stores from 1,072 as at the end of March 2010 to 1,127 as at
the end of March 2011. Total operational expenses as a percentage of revenue
rose from 43.8% in the first quarter of 2010 to 44.3% in the comparable period
of 2011. The company achieved operating profit of ? 11.9 million in the first
quarter of 2011, which is equal to 11.8% of revenue (2010: ? 10.6 million,
11.0% of revenue). The tax burden increased from 22.1% in the first quarter of
2010 to 24.4% in the first quarter of 2011.
Net profit in the first quarter of 2011 amounted to ? 9.0 million compared to ?
8.2 million in the same period of last year, representing an increase of 10.0%.
Earnings per share in the first quarter of 2011 amounted to ? 0.42 (same period
last year: ? 0.38).
The net cash position totalled ? 26.8 million on 31 March 2011, compared to a
net cash position of ? 21.5 million on 31 March 2010. The net cash position
amounted to ? 14.8 million on 31 December 2010. Solvency totalled 55.7% at the
end of the first quarter of 2011 compared to 53.4% at the end of 2010 and 54.9%
at the end of the first quarter of 2010.
Outlook for second quarter of 2011
With the exception of Germany, the company has not observed any improvement in
consumer spending at its store formulas during the first weeks of April.
Consumers remain reluctant. In combination with the nice weather, this resulted
in fewer visitors to the company's stores. In view of the above, the company
will not make any statements concerning the expected results in the second
quarter of 2011.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities
include retail trade through a total of 1,127 stores at the end of March 2011
that operate via the chains Beter Bed (active in the Netherlands), Matratzen
Concord (active in Germany, Austria, Switzerland, the Netherlands, 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 ? 374.7 million in 2010. 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.
press release 28-4-2011 vb.pdf:
http://hugin.info/132850/R/1509781/444650.pdf
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Source: Beter Bed Holding NV via Thomson Reuters ONE
[HUG#1509781]
Unternehmensinformation / Kurzprofil:
Datum: 28.04.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 53968
Anzahl Zeichen: 10216
contact information:
Town:
Uden
Kategorie:
Business News
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