Management remains focused on optimising the Mattress Firm store base in over-penetrated and underperforming markets that resulted from acquisitions and industry consolidation. Store closures are evaluated as leases come up for renewal and through the previously announced store optimisation initiative. In the first nine months of fiscal 2018, Mattress Firm opened 32 stores, acquired 14 franchised stores and closed 197 stores, for a net decrease of 151 stores. For the full year Mattress Firm expects approximately 60 new store openings, 14 acquired stores and 250 store closures, for a net decrease of 176 stores (inclusive of store movements in the first nine months).
Mattress Firm will continue to identify opportunities to optimise its store base, while also strategically opening new stores in underpenetrated areas. Mattress Firm is currently entering two new US markets, Los Angeles and Detroit.
In July 2018, sales continued to improve with +10% like-for-like sales growth. Sales per store were up 17% over prior year during the Independence Day (Fourth of July) promotional period. Year-to-date unit volumes have increased and now exceed prior year volumes, despite a decrease in the total number of stores operated.