Mattress Firm Shares Jump After Q4 Earnings Report
Mattress Firm (NASDAQ: MFRM) announced its fourth fiscal quarter and full fiscal year financial results with many noteable improvements, including net sales increasing 20.8 percent.
Shares of the mattress retailer are up about $3.05 per share or seven percent to 47.50.
Net sales for the fourth fiscal quarter increased 20.8 percent to $312.1 million, which reflected comparable-store sales growth of 6.5 percent.
For the entire fiscal year sales leaped up 20.8 percent as well to over $1.2 billion. Comparable sales growth stood at 1.3 percent.
The retailer reported fourth fiscal quarter earnings per diluted share on a generally accepted accounting principles basis of $0.25.
Steve Stagner, Chief Executive Officer commented, “We are proud of our accomplishments in fiscal 2013, including growth of over 20% in net sales and over 11% in adjusted EPS over the prior year," Stagner continued, "Given this solid performance in a challenging environment, we are confident in our ability to effectively navigate the ever-changing consumer landscape while delivering value to our customers and shareholders. As we move ahead, we remain committed to our strategy of driving sales, which led to 6.5% comparable-store sales growth during the fourth fiscal quarter. Together with our ability to selectively add accretive acquisitions to complement our steady organic growth, the Company is poised to take advantage of the ongoing meaningful opportunities to expand our relative market share, which will further fortify our markets and strengthen our position as the nation's leading bedding specialty retailer."
For the fourth quarter the mattress retailer opened 33 new stores, closed nine and acquired 46 stores which brought the total number of stores to 1,225.
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