Beter Bed: decrease in revenue and simplification of formula portfolio in the Benelux places extra pressure on net profit
22 Janvier 2014 - 8:00AM
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Net revenue totalled € 357.4 million in 2013,
10.0% lower than in 2012 (€ 397.3 million).
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Simplification of formula portfolio through the
closure of Matrassen Concord Benelux and Slaapgenoten stores;
related non-recurring expenses amounted to € 6.5 million (total
non-recurring expenses 2013: € 7.5 million).
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Further focus enables Beter Bed to expand the
market position of the Beter Bed and BeddenREUS formulas.
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Operating profit (excluding the non-recurring
expenses) decreased to approximately € 19.6 million (5.5% of
revenue) in 2013 (2012: € 31.2 million; 7.9% of revenue).
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Net profit excluding non-recurring expenses
amounted to approximately € 14.2 million in 2013 (2012 excluding
non-recurring expenses: € 22.2 million).
Revenue decreased by 10.0% in the fourth quarter
of 2013 to € 90.8 million (fourth quarter 2012: -6.6%). Revenue at
comparable stores fell by 9.2% in the fourth quarter of 2013
(decrease for the full year 2013: 11.2%).
Revenue at Matratzen Concord in Germany remained
under pressure in the fourth quarter due to consumers' lower
propensity to buy in the home furnishings and bedroom furniture
segments. Revenue at comparable stores in Germany decreased by 6.5%
in the fourth quarter of 2013 (fourth quarter of 2012: -7.7%). The
total revenue in the fourth quarter decreased by 4.1% (fourth
quarter 2012: -2.9%).
Revenue in comparable stores in the Netherlands
fell by 16.1% in the fourth quarter, while revenue decreased by
18.8%.
Net revenue of € 357.4 million was achieved for
the full year 2013 (2012: € 397.3 million). The change in revenue
per country for the full year 2013 compared to the full year 2012
is as follows:
Germany |
-4.7% |
Netherlands |
-17.1% |
Spain |
-48.4% |
Switzerland |
2.4% |
Austria |
4.0% |
Belgium |
-25.0% |
75 stores were opened (2012: 128 stores) and 119
stores were closed (2012: 96 stores) in 2013. The high number of
store closures in 2013 is primarily the result of the closure of 32
stores in Spain. Location improvements were involved in 14 cases.
The number of stores decreased by 44 on balance from 1,219 to
1,175. The number of stores decreased by eight in the fourth
quarter of 2013 (18 openings and 26 closures).
Strategic focus in Benelux
on Beter Bed and BeddenREUS
In the current market we encounter sharply decreasing visitor
numbers in the Dutch and Belgian Matrassen Concord stores, which
are usually located outside home furnishing centres and/or retail
parks. In the Netherlands this decline is mainly caused by
continuing low consumer confidence as a result of the economic
crisis. In addition, we have seen that the distinction between this
formula and the BeddenREUS formula is becoming increasingly
smaller. The same development was also visible in the higher
segment in which the Slaapgenoten formula faced increasing
difficulties as a relatively small player. Despite far-reaching
cost savings and substantial margin improvements the severe
pressure on revenue led to lower results at the aforementioned
formulas and consequently to lower results of Beter Bed Holding
N.V. as a whole.
In light of the above, it has been decided in 2014
to simplify the formula portfolio in the Benelux and to place the
strategic focus on the Beter Bed and BeddenREUS formulas in these
countries. The operation of the Matrassen Concord Benelux and
Slaapgenoten formulas will consequently be terminated in the course
of 2014.
Non-recurring expenses
2013
All the non-recurring expenses connected with the discontinued
Matrassen Concord Benelux and Slaapgenoten formulas totalling
approximately € 6.5 million have been included in the 2013 profit.
In addition to the expenses for simplifying the formula portfolio,
a total of € 1.0 million in non-recurring reorganisation expenses
have been included. This relates primarily to both the
reorganisations in Spain and the reduction of staff at the Benelux
head office.
The aforementioned non-recurring expenses have a limited effect on
the liquidity position. The company continues to amply fulfil the
covenants agreed with the financiers.
Outlook results
2013
Net profit in the fourth quarter including non-recurring expenses
is expected to total approximately nil (Q4 2012: € 0.9 million).
The effect of the non-recurring expenses in the fourth quarter
totalled a net amount of € 5.0 million.
The company expects to have realised operating
profit of approximately € 12.1 million for the full year 2013
(2012: € 23.7 million) including non-recurring expenses. This means
operating profit will be 49.0% lower than last year. Excluding the
aforementioned non-recurring expenses the decrease in operating
profit amounts to 37.2%.
Net profit (after non-recurring expenses) for the
full year 2013 is expected to amount to approximately € 8.2 million
(2012: € 14.4 million). This represents a decrease of € 6.2 million
(-43.0%) compared to 2012.
The final figures for 2013 will be published on 14
March 2014. The results stated in this press release have not been
audited.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings
market. Its activities include retail trade through a total of
1,175 stores at the end of 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 Switzerland). 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 and the United Kingdom via its subsidiary DBC
International. Beter Bed Holding N.V. achieved net revenue of €
357.4 million in 2013. Over 67% 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 further information:
_________________________________________________________________________
Ton Anbeek |
Bart Koops |
CEO |
CFO |
+31 (0)413 338819 |
+31 (0)413 338819 |
+31 (0)6 53662838 |
+31 (0)6 46761405 |
ton.anbeek@beterbed.nl |
bart.koops@beterbed.nl |
Please click on the link below for the Pdf of the
press release.
press release
22-1-2014.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: Beter Bed Holding NV via Globenewswire
HUG#1756151
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