Mattress Firm Reports Second-quarter Loss

Houston-based sleep shop chain Mattress Firm reported a net loss of $2.2 million in its second quarter of 2016, which ended Aug. 2.

The income dip compares with net income of $35.5 million in the prior-year quarter.

Net sales in the second quarter rose 48.2% to $980 million due to incremental sales from acquired and new stores, offset by a 1.1% loss from same-store sales. Comparable-store sales rose 2.8%, compared with the prior-year quarter.

Using generally accepted accounting principles, earnings per share reflected a $0.06 loss in the second quarter. On a non-GAAP adjusted basis, excluding acquisition costs, impairment charges, enterprise resource planning software implementation costs and severance charges, EPS was $0.51.

Income from operations in the second quarter was $22.5 million, compared with $45.6 million in the second quarter of 2015. Adjusted income from operations was $55.7 million, compared with $48.6 million in the prior-year quarter.

During the period, Mattress Firm opened 59 stores and closed 49, bringing the total store count to 3,482 at the close of the second quarter.

“We remain excited about the future opportunities for our business as we build a national chain in the U.S.,” said Steve Stagner, Mattress Firm executive chair.

He added that the company’s acquisition by Johannesburg-based Steinhoff International Holdings NV gives Mattress Firm “the ideal long-term partner for our customers, employees, suppliers and other stakeholders.”

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