by Company remains profitable despite decreases in net income for the fiscal quarter and full year ended Oct. 3
HOUSTON — Bedding retail giant Mattress Firm reported quarterly gains in net revenues for its fiscal fourth quarter ended Oct. 3.
The company reported net revenues of $1.18 billion, compared to $1.16 billion in the same period last year, a 2.2% increase.
Meanwhile, it reported an adjusted EBITDA of $152.3 million, from $127.1 million last year, a 19.8% increase, with adjusted margins rising to 12.9% from 11% a year ago.
Net income for the quarter was $41.1 million, compared to $283.5 million the same period last year.
For the full fiscal year, ended Oct. 3, the company reported net revenues of $4.13 billion, down 5.6% from $4.38 billion reported last year.
It also reported an adjusted EBITDA of $463.7 million for the year, compared to $553.4 million last year, a 16.2% decrease.
Net income for the full year was $111.6 million, compared to $533.1 million for the full fiscal year ended Sept. 27, 2022.
The company, which is being acquired by Tempur Sealy International for $4 billion, had 2,331 stores by the end of the fourth quarter, compared to 2,342 the same period last year. Tempur Sealy expects to close the deal sometime in mid- to late 2024.
