Trading update Q3 2016: revenue increases by 5.8%. Germany under pressure.
28 Octobre 2016 - 8:00AM
First nine months
-
Net revenue increased by 5.7%
to € 298.7 million (like-for-like order intake:
+2.2%).
-
Gross profit rose by 40 bps to
57.0%.
-
Expenses increased by 8.7% to €
154.2 million.
-
EBITDA decreased by 4.5% to €
24.5 million.
Third quarter
-
Net revenue increased by 5.8%
to € 102.0 million (like-for-like order intake:
-0.3%).
-
Gross profit rose by 30 bps to
56.9%.
-
Expenses increased by 14.2% to
€ 53.8 million.
-
EBITDA decreased by 27.1% to €
7.4 million.
Third
quarter
Revenue of Beter Bed Holding rose by 5.8% to € 102.0 million in the
third quarter. This increase was achieved through an increase in
the number of stores as a result of organic growth and
acquisitions. The total like-for-like order intake amounted to
-0.3%. This decrease was mainly caused by lower footfall in
Germany.
Revenue in Germany decreased by 7.4% (Q3 2015:
+1.5%). Order intake at comparable stores in Germany decreased by
8.8%.
Revenue in the Netherlands rose by 15.5% due to
recovering demand and strong commercial promotions. Order intake at
comparable stores increased by 14.8%.
Austria, Switzerland, Spain and Belgium achieved
growth in revenue of 17.4%, 30.6%, 32.6% and 34.5% respectively.
With the exception of Austria, this increase was caused by a
combination of expansion and like-for-like growth of the order
intake.
The average number of stores was 4.7% higher
compared to the same period last year. This increase was primarily
due to the acquisitions of Sängjätten in Sweden, BettenMax in
Austria and store openings in Spain, Belgium, Germany and
Switzerland.
Gross
profit
Gross profit rose to 56.9% in the third quarter (Q3 2015: 56.6%)
mainly as a result of improved purchasing conditions.
Expenses
Expenses rose by € 6.7 million (+14.2%) in the third quarter. This
was caused by a 4.7% increase in the number of stores, an increase
in staff on the shop floor in primarily the Benelux, higher
expenses due to increased advertising expenses, greater investment
in employee sales training, increased depreciation, and additional
costs as a consequence of the organisation's further
professionalisation within the parameters of the strategic
plan.
EBITDA
The lower revenue in Germany resulted in an EBITDA decrease from €
10.1 million to € 7.4 million in the third quarter. EBITDA
consequently amounted to 7.3% of revenue (cumulative: 8.2% of
revenue).
Developments
In the Benelux, Spain, France, Switzerland, Austria and Sweden a
continuation of the positive revenue development is expected. For
the fourth quarter the company expects a lower revenue in Germany,
although the revenue trend is slightly improving. The focus in the
upcoming quarter will remain on the accelerated execution of the
'From Good to Great 2016-2020' strategy, primarily in Germany.
Interim
dividend
Similar to prior years the company will apply a pay-out ratio of
65%, which means an interim dividend of € 0.34 per share (2015: €
0.39 per share). The dividend is expected to be made payable
on
16 November 2016 and the share will be listed ex-dividend on 1
November 2016. The record date has been set at 2 November 2016.
Profile
Beter Bed Holding is a European retail organisation that strives to
offer its customers a comfortable and healthy night's rest every
night at an affordable price. The company does this via stores and
its own webshops through the formats:
-
Matratzen Concord, located in Germany,
Switzerland and Austria.
-
Beter Bed, located in the Netherlands and
Belgium.
-
Beddenreus, located in the Netherlands.
-
El Gigante del Colchón, located in Spain.
-
Literie Concorde, located in France.
-
Sängjätten, located in Sweden.
The retail formats ensure products of good
quality, offer customers the best advice and always the best
possible deal.
Beter Bed Holding is also active as a wholesaler
of branded products in the bedroom furnishing sector via its
subsidiary DBC International. The international brand M Line is
sold in the Netherlands, Germany, Belgium, Austria, Switzerland,
Spain, France, Sweden and the United Kingdom.
The current total number of stores is 1,186. In
2015, the company achieved net revenue of € 385.4 million. 70.1% of
this figure was realised outside the Netherlands.
Beter Bed Holding N.V. has been listed on the
Euronext Amsterdam since December 1996 and its shares (BBED
NL0000339703) have been included in the AScX 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 |
pdf press release
28-10-2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
Beter Bed Holding NV (EU:BBED)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Beter Bed Holding NV (EU:BBED)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024