Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM) today reported preliminary net sales for the fourth fiscal quarter (13 weeks) and full fiscal year (52 weeks) ended January 28, 2014. Net sales for the fourth fiscal quarter increased 20.8% to $312 million, reflecting comparable-store sales growth of 6.5% and the addition of new and acquired stores. Net sales for the full fiscal year increased 20.8% to $1,217 million, reflecting comparable-store sales growth of 1.3% and the addition of new and acquired stores.
“The increase in net sales for the fourth fiscal quarter and for the full fiscal year 2013 continues to reflect our deliberate growth initiatives,” stated Steve Stagner, Mattress Firm’s president and chief executive officer. “However, while we are proud of the relentless efforts of our sales force in the face of a tough consumer environment, we now recognize that, although our results are not yet final, our earnings per share for the fiscal year will be below our expectations. The consumer environment and unusually inclement weather conditions in a number of our primary markets presented challenges that we were unable to fully overcome. The effects of our ongoing efforts to drive higher sales conversion and traffic during the fourth quarter resulted in a decrease in operating margin of approximately 200 to 230 basis-points as compared with prior year results. 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.”
Reported sales results are preliminary and remain subject to adjustment until the filing of the Company’s Annual Report on Form 10-K with the U.S. Securities and Exchange Commission.
The Company expects to report its finalized fourth fiscal quarter and full 2013 fiscal year results by the end of March 2014.
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