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Mattress Firm 2Q profit tops analysts' estimates

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HOUSTON (AP) — Mattress Firm's fiscal second-quarter profit rose slightly as sales improved.

The bedding retailer earned $14.3 million, or 41 cents per share, for the period ended July 29. That compares with $14.1 million, or 41 cents per share, a year earlier.

Excluding acquisition-related costs and other items, earnings were 61 cents per share.

Analysts polled by FactSet forecast earnings of 60 cents per share.

Revenue for the Houston company climbed 36 percent to $410 million from $302.5 million, meeting Wall Street's expectations.

Sales at stores open at least a year increased 9.7 percent. This metric is a key gauge of a retailer's health because it excludes results from stores recently opened or closed.

Mattress Firm Holding Corp. also announced on Thursday that it is buying The Sleep Train Inc. for $425 million to help bolster its position in the specialty retail bedding industry.

The deal is targeted to close by the end of its fiscal fourth quarter.

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