Mattress Firm Second-Quarter Sales Climb on Acquisitions

Mattress Firm Second Quarter
Net sales $661.1 million
Net income $21.9 million
Earnings per share $0.61
Store count 2,223

Houston-based retailer Mattress Firm Holding Corp. has reported net sales in its fiscal second quarter were $661.1 million, a 61.2% increase compared with the same period one year ago. All but 2.8% of the increase was the result of incremental sales from new and acquired stores.

Net income in Mattress Firm’s second quarter was $21.9 million, a 53% increase over the prior-year quarter.

Using generally accepted accounting principles, the company reported second quarter earnings of $0.61 per diluted share. Non-GAAP adjusted EPS, excluding acquisition-related costs and other fees and charges, were $0.67.

“We are pleased that we delivered 61% net sales growth and our eighth consecutive quarter of positive comps, against our most difficult comparison of the year,” said Steve Stagner, Mattress Firm chief executive officer. “We saw strong results in the first half of the quarter, offset by softness in the second half of the quarter and renewed headwinds in our oil-affected markets.

“Our integration of multiple acquisitions is progressing, and we are excited about the continued outperformance of the Sleep Train business and the progress we are seeing in Chicago. Despite a solid Labor Day and recent positive sales trends, we still expect volatility in the oil-affected markets and have adjusted our guidance to reflect that. We continue to see results from our Relative Market Share model, and believe we can create long-term value for our shareholders as we integrate our acquisitions and execute our growth strategies.”

The retailer opened 71 new stores and closed 11 during the quarter, bringing the total number of company-operated stores to 2,223.

Income from operations was $45.6 million, compared with $27 million in the second quarter of 2014. Excluding $3 million of acquisition-related costs, secondary offering costs, and impairment and severance charges, adjusted income from operations was $48.6 million, compared with $38 million for the comparable prior-year period. Adjusted operating income margin was 7.4% of net sales as compared with 9.3% in fiscal 2014.

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