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 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

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