From Home Furnishing Business
Mattress Firm 4Q Profit Rises 14%
The company posted a profit of $8.7 million for the period ended Jan. 28, up from $7.6 million from the previous year. Net sales increased 21 percent to $312.1 million, and same-store sales climbed 6.5 percent.
Just last week, the company said it plans to acquire Sleep Experts Partners, www.sleepexperts.com a 56-store mattress retailer for $65 million. Closing is expected near the end of the first quarter.
Earlier this month, Mattress firm completed the $15-million acquisition of a former franchisee. The franchisee operated 34 stores in Colorado and Kansas.
"We are proud of our accomplishments in fiscal 2013, including growth of over 20 percent in net sales and over 11 percent in adjusted EPS over the prior year," said Steve Stagner, president and CEO. "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."