Beter Bed Holding NV: strong performance in first half year with sales growth of 9.9%
17 Luglio 2020 - 7:00AM
Beter Bed Holding NV: strong performance in first half year with
sales growth of 9.9%
Highlights first half 2020
- Strong H1 2020 sales growth of 9.9% to € 103.5 million. Sales
in Benelux amounted to € 92.3 million (+10.5% like for like) and
New Business amounted to € 11.2 million (+5.4% like for like).
- In Q2 sales growth of 12.0% to € 49.1 million. Benelux amounted
to € 44.5 million (+14.2% like for like) and New Business amounted
to € 4.6 million (+7.8% like for like) respectively.
- High order intake levels have resulted in record level order
book of € 23.5 million (+60.2% versus 30 June 2019), creating a
solid buffer given the unprecedented times upcoming.
- Order intake in Benelux in Q2 (+56.6% like for like) and New
Business (+23.2% like for like) resulting in H1 increase in order
intake of +22.5% like for like.
- Online sales for the Group has grown 71.4%, leading to a
channel share of 14.0% particularly due to a strong performance in
Q2 of +114.9% in Benelux and +130.3% for New Business.
- Sängjätten has made significant steps towards a better
performance.
- The strategic initiatives are starting to pay off resulting in
an EBITDA performance of € 14.2 million versus € 11.1 million in
2019 despite COVID-19 closures in Belgium, a higher marketing
investment and logistic expenses related to the higher order
intake.
- Both banks and shareholders expressed confidence in Beter Bed
Holding N.V. with extension of the current financing facilities and
conversion of the shareholder loan plus incurred interest into
newly issued shares. The conversion of the interest will be based
on an average market share price before this publication and the
conversion of the principal amount will be based on an average
market share price after this publication, the latter with a modest
discount. A maximum number of 2.15 million shares can be issued for
this transaction. Furthermore, Beter Bed Holding N.V. agreed to
decrease the interest rate applicable to the perpetual loan for the
next 12 months.
- COVID-19 did affect the Group’s order intake in the last two
weeks of March. However, our first and primary focus was the
wellbeing of our employees, customers and other stakeholders,
allowing the majority of our stores to remain open and delivering
our products to our valued customers. Our crisis team focused on
further strengthening the relationships with key suppliers ensuring
continuity in our supply chain. Furthermore, we repurposed
employees towards the online proposition to meet the shifting
purchasing behaviour of our customers. After the first few weeks,
we saw a steep increase in revenues and results, with a significant
growth in our online channel.
John Kruijssen, CEO of Beter Bed Holding N.V.,
comments:
"After a strong start of the year during Q1 we experienced the
effect of COVID-19 leading to an enormous drop in traffic and order
intake in the last two weeks of March. We responded immediately by
stepping up the pace online, through the implementation of
precautionary measures in order to keep the stores, warehouse and
logistics as well as the offices in business and through
well-chosen marketing campaigns to stay connected with our
consumers. In April, we experienced the first positive effects of
this approach and through May and June, we saw spectacular
improvements of our order intake in both online and offline. We
recorded more traffic, improved conversion and higher ticket value
per customer. In these unprecedented times we continued to
communicate to our consumers the importance of the quality of
sleep. Through marketing campaigns with very high quality products
like M line and Tempur, we delivered our customer
promise. Concluding H1, the company proved to be resilient by
formulating adequate responses to the COVID-19 crisis, working
together with dedicated employees, supported by committed suppliers
and rewarded by many loyal and new customers. Although the
market circumstances are expected to remain challenging, we are
confident about our performance. Beter Bed Holding is financially
stable, shows resilience to deliver under difficult circumstances
and has a great believe - Quality sleep for everyone,
all the time. By focusing on the longer term and
investing in value creation for our customers and stakeholders, we
believe we can turn this crisis into an opportunity, where Beter
Bed Holding N.V. is well-positioned in the new era we live in."
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