Beter Bed expects a slight increase in profit on ordinary activities with lower revenue in the second quarter of 2013

* Revenue decreases in the second quarter of 2013 by 7% to EUR 82 million (Q2 2012: EUR 88 million); revenue in the first six months of 2013 will consequently total EUR 180 million (H1 2012: EUR 196 million). * Gross profit increases due to factors including improved purchasing conditions. * Cost-savings programme contributes to structurally lower expenses...

• Revenue decreases in the second quarter of 2013 by 7% to EUR 82 million (Q2 2012: EUR 88 million); revenue in the first six months of 2013 will consequently total EUR 180 million (H1 2012: EUR 196 million).
• Gross profit increases due to factors including improved purchasing conditions.
• Cost-savings programme contributes to structurally lower expenses.
• Net profit in second quarter of 2013 (excluding EUR 1 million in reorganisation expenses for Spain) totals EUR 0.8 million (Q2 2012: EUR 0.2 million); net profit (excluding non-recurring expenses) for the first six months of 2013 is consequently expected to amount to approximately EUR 6.4 million (H1 2012: EUR 9.1 million). Including non-recurring expenses net profit amounts to EUR 5.4 million.

The poor economic climate once again had a negative effect on the revenue trend in the Netherlands and Spain in the second quarter of 2013. Following a difficult start in the first quarter, revenue in Germany developed slightly better in the second quarter despite negative weather influences. Revenue performance in Austria and Switzerland has remained positive. Total group revenue decreased by 7% from EUR 81.5 million in the second quarter (Q2 2012: EUR 87.8 million).

This brings the total revenue in the first six months of 2013 to EUR 180 million, which represents a decrease of 8% compared to the same period of last year. Revenue at comparable stores fell by 10% in the first six months of 2013.

Revenue performance per country in the first six months of 2013 was as follows:

Netherlands	-15%
Germany	-3%
Austria	+8%
Switzerland	+3%
Spain	-47%
Belgium	-27%
Total	-8%

 

32 stores were opened and 51 were closed in the first six months of 2013. Five store closures are the result of location improvements. A net total of 19 stores were closed. The number of stores has decreased in the Netherlands (-6), Austria (-5) and Spain (-18). The number of stores has increased in the other countries. The number of stores amounted to 1,200 at the end of June 2013.

Revenue and net profit are generally lower in the second quarter due to the seasonal pattern. The lower margin (in cash) in the second quarter caused by the lower revenue will be completely compensated by the positive development of the gross profit (in percentages) and the continuing cost control. The trend from the first quarter will consequently be continued.

Due to the expected expenses (amounting to EUR 1.0 million) relating to the store closures in Spain, as announced at the time of the publication of the first quarter figures, this is expected to result in a net loss of approximately EUR 0.2 million in the second quarter (net profit second quarter 2012: EUR 0.2 million). Excluding these (non-recurring) expenses, net profit in the second quarter amounts to EUR 0.8 million.

Net profit in the first six months of 2013 is consequently expected to amount to approximately EUR 5.4 million, which therefore represents a decrease of 41% (net profit first six months 2012: EUR 9.1 million). Excluding the additional expenses for Spain, net profit for the first six months of 2013 total EUR 6.4 million (a decrease of 30%).

Beter Bed will publish its definitive interim figures before the opening of the Amsterdam stock exchange on 30 August 2013.

Profile

Beter Bed Holding N.V. operates in the European bedroom furnishings market. Its activities include retail trade through a total of 1,200 stores at the end of June 2013 that operate via the chains Beter Bed (active in the Netherlands and Belgium), Matratzen Concord (active in Germany, Switzerland, Austria, the Netherlands and Belgium), El Gigante del Colchón (active in Spain), BeddenREUS and Slaapgenoten (both active in the Netherlands) and Schlafberater.com (active in Germany). 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, Switzerland, Turkey and the United Kingdom via its subsidiary DBC International. Beter Bed Holding N.V. achieved net revenue of EUR 397.3 million in 2012. More than 65% 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, please contact: Ton Anbeek, Chief Executive Officer
Tel. +31 (0)413 338819 / Fax +31 (0)413 338829 / Mob. +31 (0)6 53662838
E-mail: ton.anbeek@beterbed.nl / Website: www.beterbedholding.com

 

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