Trading update Beter Bed Q1 2014: First signs of recovery despite lower revenue
16 Mai 2014 - 8:02AM
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Net revenue in Q1 2014 falls by 5.9% to € 92.7
million (like-for-like: -4.1%).
-
Gross profit increases by 0.5% to 56.9% also due
to improved purchasing conditions.
-
Operating expenses decrease by 2.5% to € 46.4
million.
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EBIT falls by 20.5% to € 6.4 million.
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Net total of 11 store closures; store base
decreased by 4.1%.
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Start refined positioning and promotions in all
countries.
Revenue fell by 5.9% to € 92.7 million in the
first quarter of 2014. Revenue at comparable stores decreased by
4.1% in the first quarter of 2014.
In Germany the decrease in revenue was caused
primarily by a shift in the promotional calendar from the first to
the second quarter. Revenue at comparable stores in Germany fell by
1.6% in the first quarter of 2014. Total revenue in Germany
decreased by 0.6% in the first quarter of 2014.
In the Netherlands the decrease in revenue is
primarily attributable to the weak order intake during the
Christmas 2013 period and in January 2014. Revenue at comparable
stores in the Netherlands fell by 9.1% in the first quarter of
2014, while total revenue dropped by 13.1%.
Revenues in Austria and Switzerland showed stable
development in comparison to Q1 2013. Following a weak Christmas
period and weak start in January, the stores in Spain show a clear
revenue and profit recovery with like-for-like growth of 9.0% in Q1
2014.
A total of 10 stores were opened and 21 stores
were closed in the first quarter of 2014. The aggregate number of
stores at the end of the quarter amounted to 1,164. The average
number of stores was 4.1% lower than in the comparable period of
last year. This is primarily the result of the store closures in
Spain in 2013 and the phasing out of the Slaapgenoten and Matrassen
Concord formulas in the Netherlands and Belgium in 2014.
Gross
profit
Gross profit rose to 56.9% in the first quarter of 2014 mainly as a
result of improved purchasing conditions (Q1 2013: 56.4%).
Expenses
Mainly due to higher marketing spending and higher staff costs
average expenses per store increased by 2.0% in the first quarter
of 2014. Operational expenses decreased from € 47.6 million to €
46.4 million primarily as a result of the decrease in the average
number of stores and additional cost-saving measures.
Operating profit
(EBIT)
Due exclusively to the lower revenue operating profit fell by 20.5%
from € 8.0 million to € 6.4 million.
Developments
In the Netherlands we saw in March a cautious positive break in the
trend in the development of the order intake and like-for-like
growth thanks in part to the new advertising campaign. We have seen
this development since February 2014 in Spain. The market
conditions remain difficult in Germany with a continuing low
consumer spending in the mattress segment. The mattress market once
again decreased on a limited basis in the first quarter of 2014.
The pilot with the sale of box springs in Germany is progressing
positively.
Our formulas will be further refined both in terms
of promotions and positioning in all countries in the months ahead.
The related focus will be on increasing the like-for-like growth
(number of visitors, conversion and average ticket) and further
increasing customer satisfaction. Partially in light of the
cautious recovery of the Dutch and Spanish markets, the company
expects to see the effects of these measures reflected in revenue
in the second half of the year.
Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings
market. Its activities include retail trade through a total of
1,164 stores at the end of March 2014 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), and
BeddenREUS and Slaapgenoten (both 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, Switzerland and
the United Kingdom via its subsidiary DBC International. Beter Bed
Holding N.V. achieved net revenue of € 357.4 million in 2013. More
than 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 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 |
Please click on the link below for the pdf of the
trading update.
Trading update Q1
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#1785937
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