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Mattress Firm Holding (MFRM) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Mattress Firm Holding (NASDAQ:MFRM) is a mattress retail firm which, along with its franchisees, operates stores across the nation. Mattress Firm is focused on being a specialty retailer of mattresses rather than a general furniture store. The stores sell both national brands, and Mattress Firm exclusive mattresses. While Mattress Firm operates most of its own stores, roughly 15% are its franchisees.[1] The bedding industry is highly competitive, with both specialty retailers and large department stores.
Business Overview
For the full year 2010, Mattress Firm reported a total revenue of $494M. This was an increase over the revenue for 2009 of $432M. For 2010, Mattress Firm's net income was $32.7M. This was also an increase over the $21M net income that was reported in 2009. [2]
New Updates
The company's initial public offering of stock on the NASDAQ occurred on November 17, 2011. The company offered 5.6M shares each for $19. This was at the top of the $17-$19 price range. The deal raised a total of $106M. The lead mangers of the deal were Barclays, UBS and William Blair.[3]
Trends & Forces
Highly competitive landscape
The retail bedding store market is highly competitive. According to Mattress Firm, no retailer owns more than 7% of the market share.[4] The company faces competition from other specialty stores such as Mattress Giant, from department stores such as J.C. Penney (JCP) and Macy's Inc. (M), and from large retailers such as Costco Wholesale (COST) and Wal-Mart (WMT).[5] Mattress Firm believes that customers prefer to shop in specialty stores which are focused on mattresses.
- ↑ MFRM S-1/A 2011 PROSPECTUS SUMMARY "Our Company" pp. 1-2
- ↑ MFRM S-1/A 2011 PROSPECTUS SUMMARY "Summary Historical and Unaudited Pro Forma Consolidated Financial and Operating Data" pp. 19
- ↑ Renaissance Capital - IPO Home "Mattress Firm prices IPO at $19, high end of the range" 17 Nov 2011
- ↑ MFRM S-1/A 2011 PROSPECTUS SUMMARY "Our Market" pp. 2
- ↑ Seeking Alpha - "IPO Preview: Mattress Firm Holding To Begin Trading Friday" 14 Nov 2011
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