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Beter Bed Holding N.V. — Earnings Release 2009
Jan 22, 2010
3820_iss_2010-01-22_90be44c4-731e-4289-b1f0-d6fc3aed12b0.pdf
Earnings Release
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PRESS RELEASE
Uden, the Netherlands, 22 January 2010
Another strong quarter for Beter Bed
- Fourth quarter 2009 revenue: € 101.9 million, an increase of 9%.
- 2009 full-year revenue: € 361.5 million, an increase of nearly 1%.
- Fourth quarter 2009 net profit: expected to be approximately 70% higher.
- 2009 full-year profit: expected to be approximately 7% higher.
Beter Bed Holding N.V. is announcing today the revenue and preliminary results for the fourth quarter of 2009 and the full year 2009 respectively. Net revenue rose by 9% to € 101.8 million in the fourth quarter of 2009 in comparison to the fourth quarter of 2008 (€ 93.4 million). Revenue of € 361.5 million was realised for the full year 2009, marking an increase of nearly 1% compared to 2008 (€ 358.6 million).
The company forecasts net profit totalling € 23.5 million for the full year 2009 (2008 € 22.1 million).
Revenue per country
Growth in revenue per country in the fourth quarter of 2009 and in the full year 2009, in comparison to the same period of 2008, was as follows:
| Fourth quarter | 2009 | ||
|---|---|---|---|
| • | The Netherlands | +5% | -7% |
| • | Germany | +13% | +6% |
| • | Austria | +23% | +22% |
| • | Switzerland | +9% | +13% |
| • | Spain | -8% | -10% |
| • | Belgium | +27% | +61% |
| • | Poland | (first store opened in December 2008) |
Revenue at comparable stores
Revenue at comparable stores within the Beter Bed Holding formulas increased by 7.9% in the fourth quarter of 2009 in comparison to the fourth quarter of 2008. Growth in revenue at comparable stores took place primarily at the largest business units Beter Bed and Matratzen Concord Germany. The increase at these units amounted to 15.5% and 7.9% respectively. The positive developments in the fourth quarter of 2009 have also benefited the order portfolio, which was much higher at year-end 2009 than at year-end 2008.
Revenue at comparable stores decreased by 3.1% for the full year 2009. The decrease was 3.9% at Beter Bed and 0.4% at Matratzen Concord Germany.
New store openings and closures
97 stores were opened and 69 stores were closed during the full year 2009. The total number of stores consequently increased from 1,036 at year-end 2008 to 1,064 at year-end 2009. Ten stores were opened on balance in the fourth quarter of 2009.
Preliminary results for the fourth quarter of 2009 and the full year 2009
Gross profit (as a percentage of net revenue) is forecast to rise to from 56.3% in the fourth quarter of 2008 to 56.7% in the fourth quarter of 2009. With marginally lower expenses, this is expected to result in operating profit (EBIT) in excess of € 15.5 million (fourth quarter 2008: € 9.6 million). Net profit is consequently expected to amount to approximately € 11.5 million (fourth quarter 2008: € 6.9 million).
The company expects gross profit to improve to 54.7% for the full year 2009, compared to 54.5% in 2008. Total expenses are expected to have risen only marginally, despite the growth in the number of stores from 1,036 at year-end 2008 to 1,064 at year-end 2009. Operating profit (EBIT) is therefore expected to total € 32.5 million, compared to € 31.2 million in 2008. The net profit is expected to total approximately € 23.5 million, compared to € 22.1 million for the full year 2008.
The results in this press release are unaudited. The definitive figures for 2009 will be published on 12 March 2010.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities include retail trade through a total of approximately 1,065 stores 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.
A presentation for financial analysts will be organised today in order to also introduce Ton Anbeek, who will succeed Frans Geelen as CEO effective 1 March 2010. This presentation is available on www.beterbedholding.com.
For more information, please contact: Frans Geelen, Chief Executive Officer Tel. +31 (0)413 338819 / Fax +31 (0)413 338829 / Mob. +31 (0)6 29565517 E-mail: [email protected] / Website: www.beterbedholding.com