Mattress Firm sales soar 40%
Larry Thomas -- Furniture Today, January 2, 2012
HOUSTON — On the heels of its November initial public stock offering, bedding retailer Mattress Firm said sales in its fiscal third quarter were 40.4% higher than the same period last year.
Net income for the 13 weeks ended Nov. 1 also was well above the comparable period a year earlier, thanks to improved sales per store that allowed the company to better leverage its fixed costs.
Comparable-store sales grew 18.6% during the quarter.
"We delivered strong financial results for the third quarter as the growth we have been experiencing throughout the year continued," said Steve Stagner, president and CEO. "Our sales results for the year, driven by solid comparable-store sales growth during the quarter and the past two years, reflect the strength and expanding appeal of our brand, customer loyalty, and benefits we derive from selling the leading brands in the bedding industry."
Third-quarter sales totaled $183.5 million, up from $130.7 million in last year's fiscal third quarter.
Net income totaled $12.3 million or 55 cents per share. That's well above net income of $1.88 million or 8 cents per share in the quarter last year.
The Top 100 retailer opened 25 stores and closed five during the quarter, bring its total company-owned store count to 640 as of Nov. 1. Including franchisees, there are about 800 Mattress Firm stores in 25 states
Since the quarter ended, Mattress Firm acquired 55 stores and three distribution centers in the Atlanta, St. Louis and Minneapolis markets from fellow Top 100 retailer Mattress Giant.
"We remain focused on executing our growth strategies, which include expanding our store base in underpenetrated markets, selective and opportunistic expansion into new markets, and leveraging the great brands we bring to the consumer to further drive sales growth," said Stagner.
For the 39 weeks ended Nov. 1, sales were $515.4 million, an increase of 40.6% from $366.6 million in the same period the previous fiscal year.
Net income for the 39-week period totaled $16.98 million or 76 cents per share. That compares with $1.98 million or 9 cents per share in the same period the previous year.
Mattress Firm | |||
Earnings per share are fully diluted. | |||
13 weeks ended 11/1 | 2011 | 2010 | Change |
Sales | $183,514,000 | $130,675,000 | 40.4% |
Operating income | 20,350,000 | 10,732,000 | 89.6% |
Net income | 12,314,000 | 1,878,000 | 555.7% |
Earnings per share | 0.55 | 0.08 | 587.5% |
39 weeks ended 11/1 | 2011 | 2010 | Change |
Sales | $515,352,000 | $366,621,000 | 40.6% |
Operating income | 42,120,000 | 24,987,000 | 68.6% |
Net income (a) | 16,979,000 | 1,982,000 | 756.7% |
Earnings per share | 0.76 | 0.09 | 744.4% |
a) Includes loss from debt extinguishment of $1.87 million in 2011. | |||
-
Mattress Firm sees 40.4% rise in third quarter sales
Dec 22, 2011
Merinos Home Furnishings opening display room, Boyles addition
‘Mega vessels' likely to boost capacity, stabilize freight rates
HOM Furniture adds flooring to six Twin Cities stores
Dan Masters joins Furniture Brands as VP, business development
21 companies from Turkey, Taiwan and China to exhibit at Showtime
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
VIEW ALL GALLERIES
