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Beter Bed Holding N.V. — Earnings Release 2011
Jul 15, 2011
3820_iss_2011-07-15_bf8d6a2a-4ef7-46de-8978-47394e9626a7.pdf
Earnings Release
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PRESS RELEASE
Uden, The Netherlands, 15 July 2011
Beter Bed expects increased revenue and profit in first six months 2011
- Revenue grew by 4% to € 185 million in the first six months of 2011.
- Net profit rose by around 7% in this period despite lower visitor numbers due to good weather and reluctant customers.
- Second-quarter revenue € 84 million; 3% increase compared to same period 2010.
Developments were very divergent in our two key markets in the second quarter of 2011. Revenue in Germany rose by 4%, while revenue in the Netherlands fell by 2%. Total group revenue amounted to € 185 million in the first six months of 2011, which is 4% higher than in the first six months of 2010. Revenue at comparable stores within the Beter Bed Holding formulas remained virtually unchanged in the first six months of 2011.
Revenue performance per country in the first six months was as follows:
| Netherlands | -1% |
|---|---|
| Germany | 5% |
| Austria | 17% |
| Switzerland | 21% |
| Spain | 12% |
| Belgium | 44% |
| Poland | 8% |
55 stores were opened and 25 were closed in the first six months of 2011. 15 stores were closed because it was possible to realise better locations. As a result a net total of 30 stores were added. There were a total of 1,147 stores at the end of June.
Net profit in the second and third quarters is generally lower than in the first and fourth quarters owing to the seasonable pattern of revenue. Despite the slight rise in revenue in the second quarter compared to the same period of last year, net profit is forecast to be approximately 7% lower. Net profit in the second quarter of 2011 will amount to approximately € 1.6 million (second quarter 2010: € 1.7 million).
Due to the fact that a 10% increase in net profit was already realised in the first quarter, net profit in the first six months is expected to increase by approximately 7% and amount to approximately € 10.5 million (net profit first six months of 2010: € 9.9 million).
While April and May were relatively quiet partially due to the good weather, there was a substantial improvement in order intake in both June and the first half of July thanks in part to strong promotions.
Beter Bed will publish its definitive interim figures before the opening of the Amsterdam stock exchange on 26 August 2011.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities include retail trade through a total of 1,147 stores at the end of June 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: [email protected] / Website: www.beterbedholding.com