Mooi hoor, veel beter dan ABN amro verwachting
Beter Bed Holding N.V.: strong performance in first half year
with sales growth of 9.9%
Uden, the Netherlands, 17 July 2020
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 productsto our valued customers. Our crisisteam focused on furtherstrengthening
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
togetherwith dedicated employees,supported by committed suppliers and rewarded bymany 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.