Beter Bed Holding continues sales growth with +15.6% in first half year of 2022 and forms manufacturing joint venture in Poland
Beter Bed Holding N.V. (BBH) – the Netherlands’ leading sleep specialist in retail, wholesale and B2B – today announced its results for the second quarter and first half year ended 30 June 2022.
Highlights first half 2022
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Sales growth of +15.6% to € 112.4 million (H1 2021: € 97.2 million) with gross profit increase of +12.6% to € 61.2 million.
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Continued performance with Compound Annual Growth Rate over H1 2019 to H1 2022 (CAGR) of +9.5% in sales and +9.7% in order intake.
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EBITDA and EBIT of respectively € 13.7 million and € 3.7 million, in line with same period last year.
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Online sales CAGR of +38.7% since 2019, leading to online channel share of 19.7%.
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Strong performance of New Business with +13.5% sales growth compared to H1 2021.
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Order book at € 19.4 million (-24.1% compared to 30 June 2021).
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DBC signs agreement with the French Adova Group to get the exclusive right to sell the Simmons brand (Generation collection) in the Netherlands and the Flemish part of Belgium.
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Binding memorandum of understanding signed with long-standing suppliers to acquire 33.3% interest in Polish bedding and mattresses factory.
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Newly developed supply chain network strategy to support the 2025 medium-term objectives.
John Kruijssen, CEO of BBH, comments:
“BBH again shows a half year of solid growth. Although the second quarter has been somewhat softer, mainly due to the strong comparison base, we have made good progress during the period and further grown our gross profit. We have proven that our proposition fits the needs of the customers and people increasingly recognise the importance of sleep for their health. With our strong execution capabilities, strong store network and continuously growing online presence, we remain confident that we can weather the current challenges driven by the war in Ukraine, inflation, recession, rising commodity prices and difficult labour market. We continue to adjust and strengthen our proposition and are making strong strategic progress. To further secure and streamline the supply of high-quality products for our customers, we aim to vertically integrate our value chain and I am happy to announce that we have signed a binding memorandum of understanding to form a joint venture with a long-standing strategic supplier. This partnership creates innovative power, purchasing advantage of raw materials, and more influence on margin among other things. DBC also made significant progress in the last quarters with existing and new partnerships and continued to show sales growth. We expect that the retail sector will be impacted by the low consumer spending due to the uncertainties in the market, however we are confident BBH is resilient in character and ideas and is on track to realise the 2025 targets.”