By a News Reporter-Staff News Editor at Investment Weekly News -- Mattress Firm Holding Corp. (the "Company") (NASDAQ:MFRM) reported preliminary net sales and adjusted EPS for the second fiscal quarter (thirteen weeks) ended July 29, 2014. Net sales for the second fiscal quarter increased 35.5% to $410 million, reflecting comparable-store sales growth of 9.7% and the addition of new and acquired stores. The Company expects second fiscal quarter earnings per diluted share ("EPS") on a generally accepted accounting principles ("GAAP") basis of $0.39 to $0.42, and EPS on a non-GAAP adjusted ("Adjusted") basis, excluding ERP system implementation costs, acquisition-related costs and impairment and severance charges, is expected to be between $0.58 and $0.61 per diluted share for the second fiscal quarter.
"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," stated Steve Stagner, Mattress Firm's president and chief executive officer. "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."
Reported sales results and expected GAAP and Adjusted EPS are preliminary and remain subject to adjustment until the filing of the Company's Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission. The Company expects to report its finalized second fiscal quarter results in early September.
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