This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mattress Firm Announces Fourth Quarter And Full Year Financial Results And Pending Acquisition Of Mattress Giant

Mattress Firm Holding Corp. (NASDAQ: MFRM) today announced its financial results for the fiscal fourth quarter (13 weeks) and fiscal year (52 weeks) ended January 31, 2012.

Fourth Quarter Highlights
  • Gross profit increased 61.2% to $75.9 million
  • Adjusted EBITDA increased 56.3% to $25.5 million
  • Opened 41 stores
  • Completed acquisition of 55 specialty mattress stores from Mattress Giant

“We completed fiscal year 2011 with great momentum, producing our highest quarterly sales and comparable-store sales growth in the fourth quarter and accentuating the strong financial results experienced throughout the year,” stated Steve Stagner, Mattress Firm’s chief executive officer. “Our results for the year, driven by solid comparable-store sales growth that has continued for 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. In addition, we are encouraged by the consistent sales increases reported by the bedding industry as we believe pent-up consumer demand and product innovations are driving customers into the market.”

Fiscal Fourth Quarter Results

Net income was $17.4 million for the fourth quarter of fiscal year 2011, including a $3.8 million pre-tax loss on early extinguishment of debt in connection with the initial public offering in November 2011 and an after-tax deferred tax benefit of $14.2 million resulting from the release of the valuation allowance on deferred tax assets. Earnings per diluted share (“EPS”) were $0.56 in the fourth quarter of fiscal year 2011 as compared with EPS of $(0.07) in the fourth quarter of fiscal year 2010.

Net sales increased $61.1 million or 47.9% to $188.6 million in the fourth quarter of fiscal year 2011 from $127.5 million in the fourth quarter of fiscal year 2010. The increase in net sales was the result of comparable-store sales growth of 24.8%, adding $30.6 million in net sales, and incremental net sales of $32.0 million from the opening of new stores and acquired stores prior to their inclusion in comparable-stores sales results, with such increases offset by a reduction in net sales of $1.5 million related to closed stores.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,754.43 +3.04 0.02%
S&P 500 2,108.38 -0.19 -0.01%
NASDAQ 5,129.3770 +17.6440 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs