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Beter Bed Holding N.V. — Earnings Release 2011
Jan 20, 2012
3820_iss_2012-01-20_59350e30-8b9f-440a-a26d-19b2b2f85bfa.pdf
Earnings Release
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PRESS RELEASE
Uden, The Netherlands, 20 January 2012
Beter Bed: record revenue and higher profit in 2011
- Net revenue in 2011 grows by 6.0% to € 397.0 million, with growth in revenue in all countries except the Netherlands.
- Net profit in 2011 slightly exceeds the record year 2010 at approximately € 28.0 million (2010: € 27.9 million).
- Net revenue grows by 5.2% to € 108.0 million in fourth quarter of 2011.
- Growth in the number of stores in 2011: +70, of which +20 were opened in the fourth quarter.
Beter Bed Holding achieved 5.2% growth in revenue to € 108.0 million in the fourth quarter of 2011 (fourth quarter 2010: € 102.6 million), despite the continuing difficult conditions in particularly the Dutch market. This is primarily thanks to the strong revenue performance in Germany. Net revenue for the full year 2011 totals € 397.0 million. This represents a 6.0% increase in revenue compared to the amount achieved in 2010 (€ 374.7 million).
Revenue at comparable stores increased by 1.8% in the fourth quarter of 2011 (increase full year 2011: 0.4%). The differences in the development of consumer confidence in the group's two key markets, the Netherlands and Germany, were also noticeable in the fourth quarter of 2011. It was possible to achieve 16% growth in revenue in Germany in the fourth quarter of 2011 through an increase in the number of stores and strong anniversary promotions. The fourth-quarter increase in revenue at comparable stores in Germany is 12%. The stable development and relatively high level of German consumer confidence, which is virtually unaffected by the turmoil on financial markets in the fourth quarter, plays a role in this.
As announced in conjunction with the presentation of the third-quarter figures, the order portfolio in the Netherlands at the end of the third quarter was down significantly from one year ago. This is partially why revenue fell by 12% in the fourth quarter. Revenue at comparable stores fell by 10% in the fourth quarter. The sharp drop in consumer confidence is largely to blame for this.
The change in revenue per country for the full year 2011 compared to 2010 is as follows:
| Germany | +10% |
|---|---|
| Netherlands | -2% |
| Spain | +13% |
| Switzerland | +21% |
| Austria | +18% |
| Belgium | +35% |
| Poland | +24% |
123 stores were opened and 53 stores were closed in 2011. The number of stores consequently grew by 70 from 1,117 to 1,187. A net total of 20 stores were added in the fourth quarter of 2011 (34 openings and 14 closures).
Net profit in the fourth quarter is expected to be approximately € 10.2 million (Q4 2010: € 11.9 million), meaning that net profit for the full year 2011 is expected to total approximately € 28.0 million. This represents a limited increase compared to the record year 2010 (€ 27.9 million).
The final figures for 2011 will be published on 2 March 2012. The results stated in this press release have not been audited.
Profile
Beter Bed operates in the European bedroom furnishings market. Its activities include retail trade through a total of 1,187 stores at the end of 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, Germany, Belgium, Spain, Austria, Switzerland and Turkey via its subsidiary DBC International. Beter Bed Holding achieved net revenue of € 397.0 million in 2011. 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: [email protected] / Website: www.beterbedholding.com