Beter Bed Holding announces Q1 trading update
Highlights first quarter:
- Sales in Q1 amounted to € 97.5 million.
- Confident that the previously communicated strategy and action plans are the right ones.
- At Matratzen Concord, the first results of the action plans are promising. To accelerate the execution of the plans leadership changes have been implemented.
- Good progress in the Benelux with strong like-for-like order intake of +6.8%.
- Good acceleration in Sweden, DBC wholesale business and Online channel.
John Kruijssen, CEO of Beter Bed Holding, comments:
‘After successfully completing the necessary restructuring of the Group, as announced during last years’ Capital Markets Day, we fully shifted our focus to recover profitable sales growth. We are making good progress as part of the new mid-term strategy with the overarching customer promise to offer best quality rest @ affordable prices. Especially in the Benelux and in Sweden, as well as the wholesale organisation DBC, very promising results have been delivered. The Online channels in all our markets are developing well and accelerating pace. In order to deliver the turnaround at Matratzen Concord several commercial and operational steps have been taken. Although sales in Germany showed a strong decrease over the period, it is promising to see some first positive developments in the underlying performance, and we are confident that the action plans to strengthen our value-for-money proposition are the right ones. To further accelerate the recovery process we decided to change the leadership structure at Matratzen Concord by bringing it under direct leadership of the Group board and increasing the focus on the specific German operation. All in all we are pleased with the initiatives taken after announcing our new mid-term strategy. We are confident that all changes made will contribute to growing to 4-5% sales growth in the continuing portfolio and realising an EBITDA margin of 7-9% in the mid-term.’
For the complete version of the press release please click on the link below.
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