Mattress Firm Net Skyrockets 556 Percent in Third Quarter
HOUSTON-Third-quarter net income for Mattress Firm jumped 556 percent to $12.3 million, as the mattress specialty retailer reported its quarterly results for the first time since its initial public offering in November.
Net sales for the quarter, which ended on Nov. 1, rose 40 percent to $183.5 million, which included a same-store sales gain of 18.6 percent. Steve Stagner, Mattress Firm's CEO, attributed the sales gains to "the strength and expanding appeal of our brand, customer loyalty and benefits we derive from selling the leading brands in the bedding industry."
Gross margin rose 306 basis points to 40 percent. Total operating expenses were up 42 percent in dollars and 30 basis points as a percentage of sales, to 29.1 percent.
For the fiscal year as a whole, which will end on Jan. 31, 2012, Mattress Firm said it expects net sales to total from $685 million to $690 million, including a same-store sales increase of 16 to 17 percent.