From Home Furnishing Business
Mattress Firm 4Q Sales Soar
Houston, Texas-based bedding retailer Mattress Firm (NASDAQ: MFRM) reported net income of $6.6 million for the fourth quarter ended Feb. 3 compared to net income of $8.7 million in the same quarter last year.
Net sales for the quarter climbed 91.7 percent to $598.3 million compared to $312 million in the year-ago quarter.
Net income for the year ended Feb. 3 $44.3 million compared to net income of $52.9 million in the prior year. Annual net sales were $1.8 billion compared to annual sales of $1.2 billion in the previous year.
"Fiscal 2014 was a monumental year for our company as we drove net sales for the full year by approximately 48 percent, representing year over year comparable-store sales growth of 6.1 percent, while adding 869 net new stores through nine acquisitions and 232 organic store openings," said Steve Stagner, Mattress Firm's CEO. "The momentum we've generated this year highlights the effectiveness of our growth plan and reaffirms our relative market share strategy."
The retailer’s complete earnings release is available online.