Daily News
From Home Furnishing Business
Matt Firm Sales Jump 48%, But Interest, Acquisition Costs Lead to Net Loss
September 9,
2016 by Jane Chero in Acquisition, Business Strategy, Industry, Mattresses, Product 
Mattress Firm (MFRM) said sales shot up more than 48% to $980 million in the quarter ended Aug. 2, but the specialty bedding retailer recorded a net loss of $2.2 million due to heavy interest expenses and costs related to its recent spate of acquisitions.
The retailer said comparable-store sales fell 1.1% in the quarter.
The company opened 59 stores and closed 49 during the quarter, bringing its total to 3,482 company-owned locations at the end of the quarter.
Mattress Firm itself is in the process of being acquired by South African-based Steinhoff International in a $2.4 billion deal that is expected to close by the end of the third quarter. Because of that pending deal, the company said it won’t be updating its financial guidance and won’t hold a conference call with analysts to discuss the latest results.
For the six months ended Aug. 2, sales rose more than 48% to $1.82 billion. The six-month net loss totaled $121.4 million or $3.27 per share.