Matt firm

Houston-based beds retailer Mattress Firm has reported that an increase within its store estate has seen sales soar.

According to its latest financial results for the second quarter ended 2 August 2016, revenue rocketed by 48.2% to $980m as sales from acquired and new stores boosted performance, although sales were partially offset by 1.1% decline from comparable-store sales.

Mattress Firm, which has recently entered into a merger with Steinhoff International - representing a total equity value of around $2.4bn, also reported a net loss for the period of $2.2m as costs increased.

Acquisition-related costs, fixed asset impairment costs, ERP system implementation training costs, loss on disposal of properties and severance charges, adjusted net income stood at $19m.

The company 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, whilst also acquiring 1,065 Sleepys stores, and opened 144 new and closed 86 stores during the first two fiscal quarters of fiscal 2016, adding 1,123 net store units.

Steve Stagner, executive chairman and chairman of the board, said: “We remain excited about the future opportunities for our business as we build a national chain in the U.S.

“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.”