Mattress Firm posts Q2 loss

The nation’s largest specialty bedding retailer posted disappointing results on Friday for its second quarter.



Mattress Firm Holding Corp. on Friday reported a loss of $2.2 million, after reporting a profit in the same period a year earlier.



Revenue increased 48.2% of $980 million, which also fell short of Street forecasts, reflecting incremental sales from acquired and new stores.



Same-store sales fell 1.1%.



Mattress Firm opened 59 new stores and closed 49 stores, bringing the total number of company-operated stores to 3,482 as of the end of the fiscal quarter.



In August, South African retailer Steinhoff International Holdings NV agreed to buy Mattress Firm for about $2.4 billion.



“We remain excited about the future opportunities for our business as we build a national chain in the U.S,” said Steve Stagner, executive chairman and chairman of the board. “We are also moving towards the completion of our transaction with Steinhoff, and believe Steinhoff is the ideal long-term partner for our customers, employees, suppliers and other stakeholders.”