Trading update Q3 2015: operating profit rises by 21.9% to EUR 7.5 million

Third quarter * Net revenue increased by 0.8% to EUR 96.4 million (like-for-like: +2.4%). * Gross profit rose by 0.6% to 56.6% (underlying margin increased by 1.5% when adjusted for costs of free deliveries). * Expenses decreased by 0.7% to EUR 47.1 million. * EBIT rose by 21.9% to EUR 7.5 million (Q3 2014: EUR 6.1 million). First nine months * Net revenue increased by 6.9% to EUR 282.5 million (like-for-like: +6.6%). * Gross profit decreased by 0.2% to 56...

 

Third quarter

• Net revenue increased by 0.8% to EUR 96.4 million (like-for-like: +2.4%).
• Gross profit rose by 0.6% to 56.6% (underlying margin increased by 1.5% when adjusted for costs of free deliveries).
• Expenses decreased by 0.7% to EUR 47.1 million.
• EBIT rose by 21.9% to EUR 7.5 million (Q3 2014: EUR 6.1 million).

 

First nine months

• Net revenue increased by 6.9% to EUR 282.5 million (like-for-like: +6.6%).
• Gross profit decreased by 0.2% to 56.6% (underlying margin increased by 0.5%).
• Expenses increased by 3.1% to EUR 141.8 million.
• EBIT rose by 44.2% to EUR 18.0 million (Q3 2014: EUR 12.5 million).

 

Revenue of Beter Bed Holding increased by 0.8% to EUR 96.4 million. The underlying growth in revenue amounted to 1.9%. This is due to the fact that last year approximately EUR 1 million in orders were shifted from the second to the third quarter due to problems with suppliers. The total like-for-like growth in revenue amounted to +2.4% despite the strong comparative basis of 12.6% in 2014.

 

Revenue in Germany rose by 1.5% in the third quarter (Q3 2014: +13.6%). Revenue at comparable stores in Germany increased by 0.7% in the third quarter.

 

Revenue in the Netherlands rose by 3.0% in the third quarter due to recovering demand and strong commercial promotions. Revenue at comparable stores rose by 12.0% in the third quarter.

 

Growth in revenue in Belgium and Spain was 40.6% and 0.8% respectively. Revenue performance in Austria and Switzerland was negative and amounted to -7.5% and -18.4% respectively. In Austria this was due to a strong comparative basis (Q3 2014: 38.4%); in Switzerland this was attributable to the deteriorated economic climate.

 

29 stores were opened and 15 stores were closed in the third quarter. The average number of stores was 1.4% lower than in the same period of last year. This is primarily due to store closures in Germany and the closure of the Slaapgenoten formula in 2014.

 

Gross profit

Gross profit rose to 56.6% (Q3 2014: 56.0%) as a result of improved purchasing conditions and lower sales discounts. The underlying gross margin increased by 1.5%.

 

Expenses

Operational expenses decreased by 0.7% in the third quarter to EUR 47.1 million, primarily as a result of a decrease in the average number of stores.

 

Operating profit (EBIT)

Due to the growth in revenue, operating profit rose in the third quarter by 21.9% from EUR 6.1 million to EUR 7.5 million.

 

Developments

As in previous quarters, the focus in the third quarter remained on achieving higher like-for-like growth and expansion and further raising the level of customer satisfaction. The company expects to see the result of this reflected in revenue in the last quarter of this year, with this development being supported by the economic recovery in the various markets. In the press release of 23 October Beter Bed Holding announced the acquisition of BettenMax. As of 1 November 2015 BettenMax will be included in the group consolidation.

 

Interim dividend

The company will pay an interim dividend of EUR 0.39 per share (2014: EUR 0.28 per share). The dividend is expected to be made payable on 18 November 2015 and the share will be listed ex-dividend on 3 November 2015. The record date has been set at 4 November 2015.

 

Profile

Beter Bed Holding N.V. operates in the European bedroom furnishings market. Its activities include retail trade through a total of 1,135 stores at the end of September 2015 that operate via the chains Beter Bed (active in the Netherlands and Belgium), Matratzen Concord (active in Germany, Switzerland and Austria), El Gigante del Colchón (active in Spain) and Beddenreus (active in the Netherlands). Beter Bed Holding is also active in the field of developing and wholesaling branded products in the bedroom furnishing sector in the Netherlands, Germany, Belgium, Spain, Austria and Switzerland via its subsidiary DBC International. Beter Bed Holding N.V. achieved net revenue of EUR 364.0 million in 2014. Approximately 70% of the group's net revenue is realised outside the Netherlands. The company has been listed on the NYSE Euronext Amsterdam since 1996 and is included in the Amsterdam Small Cap Index.

 

 

For more information:

 

Ton Anbeek	Bart Koops
Chief Executive Officer	Chief Financial Officer
+31 (0)413 338819	+31 (0)413 338819
+31 (0)6 53662838	+31 (0)6 46761405
ton.anbeek@beterbed.nl	bart.koops@beterbed.nl

 

 Click on the link below for the Pdf version.

 

Copyright GlobeNewswire

Attachment(s)
http://hugin.info/132850/R/1962553/715866.pdf


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: %s via Globenewswire


[HUG#1962553]