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(Graphic: Business Wire)

Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM) today announced its financial results for the second fiscal quarter (13 weeks) ended July 30, 2013. Net sales for the second fiscal quarter increased 15.5% to $302.5 million, reflecting incremental sales from new and acquired stores, offset by a comparable-store sales decline of 0.3%. The Company reported second fiscal quarter earnings per diluted share (“EPS”) on a generally accepted accounting principles (“GAAP”) basis of $0.41, and EPS on a non-GAAP adjusted basis, excluding acquisition-related and ERP system implementation costs (“Adjusted”), of $0.43. Diluted EPS on a GAAP basis and Adjusted basis are reconciled in the table below:
 

Second Fiscal Quarter Reconciliation of GAAP to Adjusted EPS

See “Reconciliation of Reported (GAAP) to Adjusted Statements of Operations Data” for Notes
 
          Thirteen Weeks Ended       Twenty-Six Weeks Ended
July 31, 2012       July 30, 2013 July 31, 2012       July 30, 2013
GAAP EPS $ 0.30 $ 0.41 $ 0.59 $ 0.77
Acquisition-related costs (1) 0.12 - 0.14 0.01
ERP system implementation costs (2)   -   0.02   -   0.03
Adjusted EPS $ 0.42 $ 0.43 $ 0.73 $ 0.81
 

“Our exciting growth story continued in the second quarter of 2013, as we added 35 new stores organically, bringing our total company-operated store count to over 1,100,” stated Steve Stagner, Mattress Firm’s president and chief executive officer. “We saw revenues increase by 15% over the prior year to $303 million, which evidences that our growth is outpacing the mattress industry, which has experienced mid-single digit growth during the comparable period. The former Mattress Giant stores continue to generate strong sales growth that is driving operating margin expansion, while sales at our legacy stores in those acquisition markets have also improved year over year, further validating the strength of our relative market share strategy. We expect that the second half of the year will benefit from a return to higher industry-level advertising media spend relative to recent quarters that we anticipate will drive improvement in customer traffic and sales trends in our business.”

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