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Beter Bed Holding N.V. — Earnings Release 2008
Jul 18, 2008
3820_iss_2008-07-18_43baf878-6f83-42e3-b4fd-c9000f522eea.pdf
Earnings Release
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PRESS RELEASE
Uden, the Netherlands, 18 July 2008
BETER BED REALISES 3% GROWTH IN REVENUE IN SECOND QUARTER 2008 Difficult market conditions negatively impact profit
Despite the difficult market conditions, Beter Bed Holding N.V. succeeded in almost 3% growth in revenue in the second quarter of 2008 to € 79 million (second quarter 2007: € 77 million). This meant that revenue in the first six months of 2008 totalled € 175 million, which represents an almost 4% increase in comparison to the first six months of 2007 (€ 169 million). Beter Bed was faced with more difficult market conditions in the second quarter of the year due to decreased consumer confidence. As a result of this, profit is now expected to amount to approximately € 11 million in the first half of 2008, which is lower than the previously stated forecast of € 12.2 million (first six months 2007: € 13.2 million).
While the quarter got off to a promising start in April, this was negated by deteriorating market conditions later in the quarter. Growth in revenue in the second quarter amounted to almost 3%. This was on balance less than the increase with more than 4% that was achieved in the first quarter.
Information regarding first six months
Growth in revenue was realised in all countries in the first six months of 2008:
| Netherlands | 2% |
|---|---|
| Germany | 3% |
| Austria | 13% |
| Switzerland | 25% |
| Spain | 3% |
| Belgium | not available/first store opening took place in September 2007. |
The company opened 53 stores and closed 29 stores. This resulted in a net increase of 24 stores in the first six months of 2008. There were a total of 984 stores at the end of June. Growth in revenue at comparable stores fell by over 6% in the first six months of 2008.
Beter Bed will publish its half-year results before the opening of the stock exchange on 29 August 2008.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities include retail trade through 984 stores that operate via the chains Beter Bed (active in the Netherlands), Matratzen Concord (active in Germany, the Netherlands, Austria, Switzerland and Belgium), 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 in Spain via its subsidiary DBC International. Beter Bed Holding achieved net revenue of € 351.2 million in 2007. The company has been listed on Euronext Amsterdam since December 1996. The Beter Bed Holding share is included in the Amsterdam Small cap Index.