Trading update Q3 2015: operating profit rises by 21.9% to € 7.5 million
30 Octobre 2015 - 08:00AM
Third quarter
-
Net revenue increased by
0.8% to € 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 € 47.1 million.
-
EBIT rose by 21.9% to €
7.5 million (Q3 2014: € 6.1 million).
First nine
months
-
Net revenue increased by
6.9% to € 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 € 141.8 million.
-
EBIT rose by 44.2% to €
18.0 million (Q3 2014: € 12.5 million).
Revenue of Beter Bed Holding increased by 0.8% to
€ 96.4 million. The underlying growth in revenue amounted to 1.9%.
This is due to the fact that last year approximately € 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 €
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 € 6.1 million to € 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 € 0.39 per share (2014:
€ 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 € 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.
Press release
30-10-2015.pdf
This
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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#1962553
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