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2014-05-16

Trading update Beter Bed Q1 2014: First signs of recovery despite lower revenue

* Net revenue in Q1 2014 falls by 5.9% to € 92.7 million (like-for-like:
-4.1%).
* Gross profit increases by 0.5% to 56.9% also due to improved purchasing
conditions.
* Operating expenses decrease by 2.5% to € 46.4 million.
* EBIT falls by 20.5% to € 6.4 million.
* Net total of 11 store closures; store base decreased by 4.1%.
* Start refined positioning and promotions in all countries.

Revenue fell by 5.9% to € 92.7 million in the first quarter of 2014. Revenue
at comparable stores decreased by 4.1% in the first quarter of 2014.

In Germany the decrease in revenue was caused primarily by a shift in the
promotional calendar from the first to the second quarter. Revenue at
comparable stores in Germany fell by 1.6% in the first quarter of 2014. Total
revenue in Germany decreased by 0.6% in the first quarter of 2014.

In the Netherlands the decrease in revenue is primarily attributable to the
weak order intake during the Christmas 2013 period and in January 2014.
Revenue at comparable stores in the Netherlands fell by 9.1% in the first
quarter of 2014, while total revenue dropped by 13.1%.

Revenues in Austria and Switzerland showed stable development in comparison to
Q1 2013. Following a weak Christmas period and weak start in January, the
stores in Spain show a clear revenue and profit recovery with like-for-like
growth of 9.0% in Q1 2014.

A total of 10 stores were opened and 21 stores were closed in the first
quarter of 2014. The aggregate number of stores at the end of the quarter
amounted to 1,164. The average number of stores was 4.1% lower than in the
comparable period of last year. This is primarily the result of the store
closures in Spain in 2013 and the phasing out of the Slaapgenoten and
Matrassen Concord formulas in the Netherlands and Belgium in 2014.

Gross profit
Gross profit rose to 56.9% in the first quarter of 2014 mainly as a result of
improved purchasing conditions (Q1 2013: 56.4%).

Expenses
Mainly due to higher marketing spending and higher staff costs average
expenses per store increased by 2.0% in the first quarter of 2014.
Operational expenses decreased from € 47.6 million to € 46.4 million
primarily as a result of the decrease in the average number of stores and
additional cost-saving measures.

Operating profit (EBIT)
Due exclusively to the lower revenue operating profit fell by 20.5% from € 8.0
million to € 6.4 million.

Developments
In the Netherlands we saw in March a cautious positive break in the trend in
the development of the order intake and like-for-like growth thanks in part
to the new advertising campaign. We have seen this development since February
2014 in Spain. The market conditions remain difficult in Germany with a
continuing low consumer spending in the mattress segment. The mattress market
once again decreased on a limited basis in the first quarter of 2014. The
pilot with the sale of box springs in Germany is progressing positively.

Our formulas will be further refined both in terms of promotions and
positioning in all countries in the months ahead. The related focus will be
on increasing the like-for-like growth (number of visitors, conversion and
average ticket) and further increasing customer satisfaction. Partially in
light of the cautious recovery of the Dutch and Spanish markets, the company
expects to see the effects of these measures reflected in revenue in the
second half of the year.

Profile
Beter Bed Holding N.V. operates in the European bedroom furnishings market.
Its activities include retail trade through a total of 1,164 stores at the
end of March 2014 that operate via the chains Beter Bed (active in the
Netherlands and Belgium), Matratzen Concord (active in Germany, Switzerland,
Austria, the Netherlands and Belgium), El Gigante del Colchón (active in
Spain), and BeddenREUS and Slaapgenoten (both active in the Netherlands).
Beter Bed Holding is also active in the field of developing and wholesaling
branded products in the bedroom furnishing sector in the Netherlands,
Germany, Belgium, Spain, Austria, Switzerland and the United Kingdom via its
subsidiary DBC International. Beter Bed Holding N.V. achieved net revenue of
€ 357.4 million in 2013. More than 67% of the group's net revenue is realised
outside the Netherlands. The company has been listed on the NYSE Euronext
Amsterdam since 1996 and is included in the Amsterdam Small Cap Index.

For more information:

__________________________________________________________________

--------------------------------------------------
|Ton Anbeek Bart Koops |
|Chief Executive Officer Chief Financial Officer |
|+31 (0)413 338819 +31 (0)413 338819 |
|+31 (0)6 53662838 +31 (0)6 46761405 |
|ton.anbeek@beterbed.nl bart.koops@beterbed.nl |
--------------------------------------------------
Please click on the link below for the pdf of the trading update.

Trading update Q1 2014.pdf
http://hugin.info/132850/R/1785937/612924.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Beter Bed Holding NV via Globenewswire

HUG#1785937

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