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Mattress Firm Announces First Fiscal Quarter Financial Results

Mattress Firm Holding Corp. (the “Company”) (NASDAQ:MFRM) today announced its financial results for the first fiscal quarter (13 weeks) ended April 29, 2014. Net sales for the first fiscal quarter increased 20.9% to $333.5 million, reflecting comparable-store sales growth of 4.3% and incremental sales from new and acquired stores. The Company reported first fiscal quarter earnings per diluted share (“EPS”) on a generally accepted accounting principles (“GAAP”) basis of $0.22, and EPS on a non-GAAP adjusted basis, excluding ERP system implementation costs, acquisition-related costs and debt amendment costs (“Adjusted”), of $0.31. Diluted EPS on a GAAP basis and Adjusted basis are reconciled in the table below:

First Fiscal Quarter Reconciliation of GAAP to Adjusted EPS See “Reconciliation of Reported (GAAP) to Adjusted Statements of Operations Data” for Notes

  Thirteen Weeks Ended
April 30, 2013   April 29, 2014
GAAP EPS $ 0.35 $ 0.22
Acquisition-related costs (1) 0.01 0.05
ERP system implementation costs (2) 0.02 0.02
Other expenses (3)   -   0.00
Adjusted EPS* $ 0.38 $ 0.31

* Due to rounding to the nearest cent, totals may not equal the sum of the lines in the table above.

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