Beter Bed: net profit rises by more than 17% in third quarter
(Thomson Reuters ONE) -
Third quarter:
* Third-quarter revenue increases by 10.2% to ? 103.6 million.
* Net profit rises by 17.4% to ? 7.2 million in third quarter (2010: ? 6.2
million).
First nine months:
* Revenue through the third quarter of 2011 grows by 6.2% to ? 289.1 million
(9M 2010: ? 272.1 million).
* Net profit in first nine months increases by 11.5% to ? 17.9 million (9M
2010: ? 16.0 million).
* Expansion policy continues unabated: net total of 50 stores opened in first
nine months.
* Interim dividend of ? 0.47 per share (2010: ? 0.47).
Beter Bed Holding N.V. realised net profit of ? 7.2 million in the third quarter
of 2011 (Q3 2010: ? 6.2 million) with revenue of ? 103.6 million (2010: ? 94.0
million). Third-quarter net profit of at least ? 6.8 million was still forecast
at the time of the publication of the 2011 interim figures in August. The
activities in Germany made an above-average contribution
to the company's improvement in revenue and profit in the third quarter.
Key figures for third quarter:
(in millions of ? unless stated otherwise) 2011 2010 Change
Revenue 103.6 94.0 +10.2%
Gross profit (%) 55.2 55.0
Operating profit (EBIT) 9.7 8.4 +15.4%
Net profit 7.2 6.2 +17.4%
Third quarter
Revenue grew by 10.2% from ? 94.0 million in 2010 to ? 103.6 million in 2011,
due in part to the more than 6% growth in the number of stores. Developments in
the key markets of the Netherlands and Germany were extremely divergent in the
third quarter, owing primarily to the differences in consumer confidence in the
two countries (from August onwards).
Revenue grew by 5% in the third quarter in the Netherlands due to the strong
order intake in June and July. Order intake did, however, show a substantial
negative development from August in line with the sharp fall in consumer
confidence as a result of factors including the crisis on the financial markets.
German consumer confidence has, in contrast, remained more or less unchanged
over the past months and has almost not been influenced by the turmoil on the
financial markets. The group was able to realise growth in revenue of 13% in the
third quarter thanks to strong promotions and an increase in the number of
stores.
Revenue at comparable stores for the group increased by 0.3% in the third
quarter. Gross profit as a percentage of revenue rose in the third quarter from
55.0% in 2010 to 55.2% in 2011.
Total expenses as a percentage of revenue decreased from 46.1% to 45.9% despite
the increase in the number of stores and the higher marketing spending.
Operating profit (EBIT) rose by 15.4% from ? 8.4 million in Q3 2010 to ? 9.7
million in Q3 2011. Operating profit as a percentage of revenue rose accordingly
from 8.9% to 9.3%.
First nine months
Revenue at comparable stores remained practically unchanged in the first nine
months of 2011 compared to the same period of last year (-0.1%). Total revenue
during this period rose by 6.2% to ? 289.1 million, due in part to the opening
of new stores.
Revenue performance per country during this period was as follows:
Netherlands 1%
Germany 8%
Austria 17%
Switzerland 22%
Spain 12%
Belgium 33%
Poland 6%
A total of 89 stores were opened and 39 stores were closed during the first nine
months of 2011. This brought the total number of stores to 1,167 at the end of
September 2011 (end September 2010: 1,094).
Key figures for first nine months:
(in millions of ? unless stated through 2011 Q3 through 2010 Q3 Change
otherwise)
Revenue 289.1 272.1 +6.2%
Gross profit (%) 55.7 54.9
Operating profit (EBIT) 24.0 21.6 +11.0%
Net profit 17.9 16.0 +11.5%
Earnings per share (in ?) 0.83 0.75 +10.7%
30-9-2011 30-9-2010
Solvency (%) 53.1 51.4
Gross profit as a percentage of revenue rose from 54.9% in the first nine months
of last year to 55.7% this year. Average expenses per store increased due in
part to a 1.1% increase in marketing spending. Expenses as a percentage of
revenue rose from 47.0% to 47.4% because the number of stores also increased.
Operating profit (EBIT) increased by 11.0% in this period from ? 21.6 million in
2010 to ? 24.0 million in 2011. As a result operating profit as a percentage of
revenue (EBIT) rose from 7.9% to 8.3%. Earnings per share in the first nine
months amounted to ? 0.83 (first nine months 2010: ? 0.75).
Financial
Investments in the first nine months of 2011 amounted to ? 9.3 million (same
period last year: ? 5.6 million). Investments in stores were higher (? 6.6
million) than last year's amount of ? 4.7 million as a result of the larger
number of store openings. The cash flow (net profit plus depreciation) amounted
to ? 24.1 million in the first nine months of 2011 compared to ? 21.9 million in
the comparable period of last year. Solvency amounted to 53.1% on 30 September
2011 (year-end 2010: 53.4%).
The net cash position at the end of September 2011 amounted to ? 11.4 million
compared to ? 18.3 million at the end of September 2010.
Interim dividend
The company will pay an interim dividend as previously announced. The amount of
the interim dividend has been set at ? 0.47 per share (2010: ? 0.47 per share).
The dividend will be made available for payment on 17 November 2011 and the
share will be listed ex-dividend on 1 November 2011. The record date has been
set at 3 November 2011.
Outlook
Market developments in the Netherlands remain difficult. The order portfolio at
the end of the third quarter of 2011 is down significantly from one year ago.
The negative order intake trend in the third quarter is continuing in the
Netherlands in October, while revenue performance in Germany remains positive in
October 2011.
Given these circumstances the company will take into account a lower fourth-
quarter profit compared to the fourth quarter of 2010 (? 11.9 million).
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities
include retail trade through a total of 1,167 stores at the end of September
2011 that operate via the chains Beter Bed (active in the Netherlands and
Belgium), 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 NYSE 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 28-10-2011.pdf:
http://hugin.info/132850/R/1558854/481805.pdf
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originality of the information contained therein.
Source: Beter Bed Holding NV via Thomson Reuters ONE
[HUG#1558854]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 81364
Anzahl Zeichen: 9344
contact information:
Town:
Uden
Kategorie:
Business News
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