Mattress Firm to open as many as 220 stores

Mattress Firm Holding Corp. is revving up its growth in fiscal 2015, with plans to open as many as 220 new stores this year.



“We are focused on consolidating our operations in 2015 around our three primary brick and mortar brands, Mattress Firm, Sleep Train and Mattress Pro, allowing us to concentrate on enhancing profitability across the enterprise consistent with our proven relative market share model,” said Steve Stagner, CEO. “We look forward to enhancing our position in 2015 as the nation’s largest mattress specialty retailer."



The company said that its net income in the fourth quarter rose 30% to $8.8 million from $6.6 million the prior fiscal year. But costs related to acquiring 646 new stores through nine acquisitions helped reduce net income growth below expected levels.



However, as a result of adding 869 new stores through acquisitions and 232 organic store openings, net sales soared 92% to $598.3 million from $312.1 million the same quarter a year earlier. Same-store sales rose 1.9%.



For the full fiscal year, Mattress Firm grew net income 19% to $52.92 million, from $44.25 million.



Net sales rose 48% to $1.8 billion from $1.22 billion. Same-store sales rose 6.1%.