US Mattress Firm sales jumped 35.5% in 2Q
Mattress Firm said its fiscal second-quarter sales increased 35.5% from a year earlier to $410 million, according to preliminary reports.
Mattress Firm said its fiscal second-quarter sales increased 35.5% from a year earlier to $410 million, according to preliminary reports. The figures reflect comparable-store sales growth of 9.7% and the addition of new and acquired stores, the company said.
The Houston-based bedding retailer said it expects to report second fiscal quarter earnings per share of 39 to 42 cents. It expects to report EPS on a non-GAAP adjusted basis, excluding ERP system implementation costs, acquisition-related costs and impairment and severance charges, to be between 58 and 61 cents for the quarter, which ended July 29.
In the same period a year earlier, GAAP EPS was 41 cents and adjusted EPS was 43 cents.
“Our sales performance has been consistently strong in recent months, which we believe is driven primarily by the continuation of our deliberate growth initiatives as well as the new luxury bedding models on our floors,” said Steve Stagner, Mattress Firm's president and CEO.
“While consumer traffic continues to remain choppy, we are encouraged by continued improvement in consumer confidence and other economic indicators. We remain committed to our strategy of driving continued sales growth, increasing relative market share across the chain and positioning the company for long-term growth of shareholder value as the largest and fastest growing mattress specialty retailer in the United States,” he said.
The results are preliminary and subject to adjustment, the company cautioned. It said it expect to release finalized second-quarter results in early September.
Mattress Firm also is updating its guidance for its fiscal year set to end Feb. 3. It’s now calling for a net store unit increase of between 295 and 310 units, up from earlier guidance of 275 to 290 units. It also is now expecting comparable-store sales growth in the “low to mid-single digits.” Prior guidance called for growth in the low single digits.
Updated guidance also calls for net sales of $1.545 billion to $1.585 billion for the fiscal year, up from prior guidance of $1.5 billion to $1.56 billion.
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