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Mattress Firm Announces Fourth Fiscal Quarter And Full Fiscal Year Financial Results

Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM) today announced its financial results 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 $312.1 million, reflecting comparable-store sales growth of 6.5% and incremental sales from new and acquired stores. For the full fiscal year, net sales increased 20.8% to over $1.2 billion and comparable-store sales grew 1.3%. The Company reported fourth fiscal quarter earnings per diluted share (“EPS”) on a generally accepted accounting principles (“GAAP”) basis of $0.25, and EPS on a non-GAAP adjusted basis, excluding ERP system implementation costs, acquisition-related costs and impairment charges (“Adjusted”), of $0.30. Diluted EPS on a GAAP basis and Adjusted basis are reconciled in the table below:

Fourth Fiscal Quarter and Full Fiscal Year Reconciliation of GAAP to Adjusted EPS

See “Reconciliation of Reported (GAAP) to Adjusted Statements of Operations Data” for Notes
Thirteen Weeks Ended Fifty-Two Weeks Ended
January 29, 2013     January 28, 2014 January 29, 2013     January 28, 2014
GAAP EPS $ 0.22 $ 0.25 $ 1.18 $ 1.55
Acquisition-related costs (1) 0.03 0.02 0.23 0.03
Secondary offering costs (2) - - 0.04 -
ERP system implementation costs (3) - 0.02 - 0.07
Impairment and other expenses (4)(5)   0.04   0.01   0.04   0.01
Adjusted EPS* $ 0.30 $ 0.30 $ 1.49 $ 1.66
* Due to rounding to the nearest cent, totals may not equal the sum of the lines in the table above.

“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,” stated Steve Stagner, president and chief executive officer. “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.”

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