Mattress Firm Posts 20.8 Percent Increases in Q4
HOUSTON-Mattress Firm logged identical sales increases of 20.8 percent for both its fourth quarter and fiscal year ending on Jan. 28, according to a statement on its preliminary results for both periods.
Net sales in the quarter totaled $312 million and included a same-store sales increase of 6.5 percent. For the fiscal year, net sales were $1.2 billion and included a 1.3 percent gain in same-store sales. Sales from new and acquired stores also bolstered the totals for both periods.
Steve Stagner, Mattress Firm's president and CEO, attributed the top-line gains to "our deliberate growth initiatives" and to the "relentless efforts of our sales force in the face of a tough consumer environment." Stagner acknowledged that, when all of the numbers are counted, earnings per share for the year will finish less than the company's expectations, which he attributed to the difficult consumer economy and unusually inclement weather in many of Mattress Firm's markets.
"We remain committed to our strategy of driving continued sales growth, increasing relative market share across the chain and positioning the company for long-term growth of shareholder value as the largest and fastest-growing mattress specialty retailer in the United States," Stagner said.