Beter Bed Holding

Annual Report 2015


Work on further refining the customer proposition was vigorously continued in 2015, with a focus on maximising customer satisfaction. Product ranges were modified, advertising campaigns updated and service levels increased by reducing delivery times, for instance. Stores were also refurbished and new store concepts were tested. At the same time, gross profit rose and costs were controlled. The strong balance sheet position was retained and working capital was further reduced.

The recently-initiated development of the company into an omnichannel retail formula was successfully continued.

Beter Bed Holding N.V. also benefited in 2015 from the positive and sometimes rising consumer confidence in its various markets. The recovery that started in 2014 continued in 2015. Virtually all formulas reported revenue growth, with the Netherlands and Germany in particular performing very well. Only Switzerland lagged behind slightly (in local currency), mainly due to the worsening economic situation resulting from the appreciation of the Swiss franc.

Beter Bed Holding benefited from the improving economic climate and achieved good results in 2015. Revenue increased by 5.9%, mainly due to growth in revenue of 10.9% at Beter Bed Benelux.The refurbishment of the Beter Bed stores was completed in 2015. Besides the optimised product range, the contemporary look and feel of the updated stores clearly contributes to revenue growth. Revenue at Beddenreus edged down compared with the preceding year. The formula is currently being modernised and rejuvenated.

Substantial growth in revenue was achieved in Germany in the first half of the year in particular, continuing the trend of 2014. The comparative basis for the third and fourth quarter was challenging, however. Overall, Germany achieved record revenue, up 4.5% from 2014. On the basis of comparable stores, the increase was 3.8%.

Matratzen Concord Austria strengthened its market position with the acquisition of the 18 stores of BettenMax, giving the formula access to a large number of retail parks and making it the market leader in the ‘value-for-money’ segment. Growth in revenue in Austria was 15.4%; on a like-for-like basis, the increase was 1.0%.

In Spain, the higher revenue (up 8.4%) was achieved mainly by expanding the number of stores. Revenue in comparable stores rose 0.6%. For the second successive year, revenue in Switzerland was under pressure due to the economic situation, contracting by 2.9% on a like-for-like basis. The pilot in France was expanded by opening a second store.

Overall, the group achieved revenue of € 385.4 million in 2015, an increase of € 21.4 million (5.9%) compared with 2014. Growth in revenue in comparable stores was 5.4%.




Revenue (in € million)




Gross profit (in € million)




Operating profit (in € million)




Net profit (in € million)




Number of stores




Number of employees (FTE)




Gross profit continued to increase and rose to 57.7% % (2014: 57.3%). Improved purchasing conditions, a change in the sales mix and product updates contributed significantly to this.

The average costs per store amounted to € 166,200 (2014: € 158,900). The increase was mainly attributable to increased marketing efforts, higher employee benefits, and higher depreciation and amortisation charges.

The operating profit for 2015 increased by 33.2% to € 30.7 million (2014: € 23.0 million). Operating profit as a percentage of revenue rose to 8.0% (2014: 6.3%).The net profit was € 30.7 million (2014: € 16.9 million); an increase of 33.2%.

The number of stores increased by 32 in 2015, of which 18 due to the acquisition in Austria. At year-end 2015, the group operated 1,159 stores in seven countries.