Mattress Firm meets Street with Q3 profit, plans store growth

Houston - Mattress Firm Holdings met Wall Street expectations with its financial performance in the third quarter of fiscal 2014. In addition, the company increased its guidance for store growth in the fiscal year 2014, and now plans to have opened a total of 200-220 new stores and acquire 665 stores by the end of the fiscal year.



The new store total includes 163 stores opened and 619 acquired so far this year.



Net income rose 16% to $18.14 million from $15.61 million a year earleir, driven by lower interest expense and depreciation and amortization. Entry into and operation of the Chicago market in the third quarter negatively affected net earnings.



Net sales soared 42% to $464.3 million from $326.23 million. Same-store sales rose 8.5%. Mattress Firm expects same-store sales to rise in the fourth quarter and for the full fiscal year.