Mattress Firm Holding 10-Q 11 Sep 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 04, 2015	Sep. 10, 2015
Document and Entity Information
Entity Registrant Name	MATTRESS FIRM HOLDING CORP.
Entity Central Index Key	1,419,852
Document Type	10-Q
Document Period End Date	Aug. 4, 2015
Amendment Flag	false
Current Fiscal Year End Date	--02-02
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		35,216,283
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 04, 2015	Feb. 03, 2015
Current assets:
Cash and cash equivalents	$ 10,637	$ 13,475
Accounts receivable, net	54,604	51,193
Inventories	159,074	163,518
Deferred income tax asset	8,890	8,882
Prepaid expenses and other current assets	48,970	43,019
Total current assets	282,175	280,087
Property and equipment, net	296,847	267,602
Intangible assets, net	214,705	215,953
Goodwill	823,565	821,349
Debt issue costs and other, net	24,208	24,033
Total assets	1,641,500	1,609,024
Current liabilities:
Notes payable and current maturities of long-term debt	10,150	9,947
Accounts payable	154,856	149,612
Accrued liabilities	108,496	98,250
Customer deposits	26,062	19,398
Total current liabilities	299,564	277,207
Long-term debt, net of current maturities	704,875	760,091
Deferred income tax liability	41,434	41,455
Other noncurrent liabilities	125,763	94,788
Total liabilities	$ 1,171,636	$ 1,173,541
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.01 par value; 120,000,000 shares authorized; 34,002,981 and 33,990,381 shares issued and outstanding at January 28, 2014; and 35,134,497 and 35,101,632 shares issued and outstanding at February 3, 2015, respectively	$ 352	$ 351
Additional paid-in capital	442,903	435,882
Accumulated deficit	26,609	(750)
Total stockholders' equity	469,864	435,483
Total liabilities and stockholders' equity	$ 1,641,500	$ 1,609,024

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 04, 2015	Feb. 03, 2015
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	35,227,677	35,134,187
Common stock, shares outstanding	35,194,372	35,101,632

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014	Aug. 04, 2015	Jul. 29, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 661,064	$ 409,951	$ 1,223,618	$ 743,453
Cost of sales	403,557	246,547	764,840	459,199
Gross profit from retail operations	257,507	163,404	458,778	284,254
Franchise fees and royalty income	1,285	1,092	2,400	2,278
Total gross profit	258,792	164,496	461,178	286,532
Operating expenses:
Sales and marketing expenses	169,121	99,998	301,017	175,663
General and administrative expenses	42,893	36,888	94,257	67,574
Loss on store closings and impairment of store assets	1,173	648	1,468	906
Total operating expenses	213,187	137,534	396,742	244,143
Income from operations	45,605	26,962	64,436	42,389
Other expense:
Interest expense, net	10,046	3,469	20,299	6,285
Income before income taxes	35,559	23,493	44,137	36,104
Income tax expense	13,678	9,194	16,778	14,085
Net income	$ 21,881	$ 14,299	$ 27,359	$ 22,019
Basic net income per common share (in dollars per share)	$ 0.62	$ 0.42	$ 0.78	$ 0.65
Diluted net income per common share (in dollars per share)	$ 0.61	$ 0.41	$ 0.77	$ 0.64
Basic weighted average shares outstanding (in shares)	35,188,368	34,135,060	35,167,565	34,081,500
Diluted weighted average shares outstanding (in shares)	35,600,295	34,523,620	35,584,024	34,464,038

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014
Cash flows from operating activities:
Net income	$ 27,359	$ 22,019
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	28,746	18,201
Loan fee and other amortization	3,797	2,239
Deferred income tax expense	3,766	1,711
Stock-based compensation	4,352	2,556
Loss on store closings and impairment of store assets	1,468	906
Construction allowances from landlords	5,913	2,988
Excess tax benefits associated with stock-based awards	(915)	(761)
Effects of changes in operating assets and liabilities, excluding business acquisitions:
Accounts receivable	(3,515)	(14,136)
Inventories	4,400	(14,784)
Prepaid expenses and other current assets	(5,952)	(9,497)
Other assets	(2,307)	(1,730)
Accounts payable	11,310	19,473
Accrued liabilities	9,455	24,557
Customer deposits	6,664	4,943
Other noncurrent liabilities	24,614	(416)
Net cash provided by operating activities	119,155	58,269
Cash flows from investing activities:
Purchases of property and equipment	(68,480)	(34,658)
Business acquisitions, net of cash acquired	119	(106,908)
Net cash used in investing activities	(68,361)	(141,566)
Cash flows from financing activities:
Proceeds from issuance of debt	58,000	169,000
Principal payments of debt	(114,302)	(93,268)
Proceeds from exercise of common stock options	1,755	2,069
Excess tax benefits associated with stock-based awards	915	761
Net cash (used in) provided by financing activities	(53,632)	78,562
Net decrease in cash and cash equivalents	(2,838)	(4,735)
Cash and cash equivalents, beginning of period	13,475	22,878
Cash and cash equivalents, end of period	10,637	18,143
Supplemental information to the statement of cash flows
Interest paid	20,070	6,620
Taxes paid	6,038	2,175
Unpaid liabilities for capital expenditures	$ 6,933	$ 5,929

Business and Summary of Signifi

Business and Summary of Significant Accounting Policies	6 Months Ended
	Aug. 04, 2015
Business and Summary of Significant Accounting Policies
Business and Summary of Significant Accounting Policies	1. Business and Basis of Presentation Mattress Firm Holding Corp., through its direct and indirect subsidiaries, is engaged in the retail sale of mattresses and bedding-related products in various metropolitan markets in the United States through company-operated and franchisee-owned mattress specialty stores that operate primarily under the brand names Mattress Firm ® and Sleep Train ® . Mattress Firm Holding Corp. and its subsidiaries are referred to collectively as the “Company” or “Mattress Firm.” The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”), and they reflect, in the opinion of management, all normal recurring adjustments necessary to present fairly the Company’s financial position as of August 4, 2015 , and the results of operations and cash flows for the periods presented. The Company’s historical and quarterly results of operations may not be indicative of the results that may be achieved for the full year or any future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited consolidated financial statements and related notes for the fiscal year ended February 3, 2015 , which are included in the Company’s Annual Report on Form 10-K filed with the SEC on April 3, 2015 (the “Fiscal 2014 Annual Report”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of (i) assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements and (iii) the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Estimates that are more susceptible to change in the near term are the accruals for sales returns and exchanges, product warranty costs, asset impairments, vendor incentives, self-insured liabilities, store closing costs and acquisition accounting fair values. The Company’s fiscal year consists of 52 or 53 weeks ending on the Tuesday closest to January 31. The fiscal year ended February 3, 2015 (“Fiscal 2014”) consisted of 53 weeks. The fiscal year ending February 2, 2016 (“Fiscal 2015”) consists of 52 weeks. The Company acquired The Sleep Train, Inc. (“Sleep Train”) in October 2014, and Sleep Train’s legacy system utilizes the First-In, First-Out cost flow method (“FIFO”) of inventory costing. As a result, Sleep Train inventory of $45.2 million and $45.5 million as of August 4, 2015 and February 3, 2015, respectively, is valued at FIFO. The Company, as a whole, uses the Weighted Average costing method for inventory. The Company determined the difference between Weighted Average and FIFO costs is not material at August 4, 2015 and February 3, 2015, therefore the carrying value of all inventory is essentially at Weighted Average. Steps are in process to convert Sleep Train’s legacy inventory system to Company’s current ERP system; however this will likely not be complete until early in fiscal 2016. The Company will continue to confirm that the carrying value of the FIFO inventory and the Weighted Average inventory is not material ly different.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Aug. 04, 2015
Recently Issued Accounting Standards
Recently Issued Accounting Standards	2. Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue From Contracts With Customers , that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company is currently evaluating the guidance to determine the Company's adoption method and the effect it will have on the Company's Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Interest- Imputation of Interest- Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective on a retrospective basis for annual reporting periods beginning after December 15, 2015, however early adoption is permitted. The Company will apply this ASU on a retrospective basis beginning in 2016. The adoption of this ASU is not expected to have an effect on the Company's Condensed Consolidated Statements of Income or Cash Flows; however, the unamortized balance of debt issuance costs will be reclassified from other long-term assets to an offset against long-term debt on the Condensed Consolidated Balance Sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Aug. 04, 2015
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments The amounts reported in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short-term maturity of these instruments. The FASB has issued guidance on the definition of fair value, the framework for using fair value to measure assets and liabilities, and disclosure regarding fair value measurements. The guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: · Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. · Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. · Level 3: Defined as pricing inputs that are unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company measures the fair value of its nonqualified deferred compensation plan on a recurring basis. The plan’s assets are valued based on the marketable securities tied to the plan. Additionally, the Company measures the fair values of goodwill, intangible assets, and property and equipment on a nonrecurring basis if required by impairment tests applicable to these assets. Assets requiring recurring or non-recurring fair value measurements consisted of the following (in thousands): Net Book Value as of February 3, Fair Value Measurements Fiscal 2014 2015 Level 1 Level 2 Level 3 Impairments Nonqualified deferred compensation plan $ $ — $ $ — $ — Property and equipment requiring impairment review $ $ — $ — $ $ Net Book Value as of August 4, Fair Value Measurements Fiscal 2015 2015 Level 1 Level 2 Level 3 Impairments Nonqualified deferred compensation plan $ $ — $ $ — $ — Property and equipment requiring impairment review $ $ — $ — $ $ 2014 Senior Credit Facility term loans (Note 4) $ $ — $ $ — $ — The significant Level 3 unobservable input used in the fair value measurement of the Company’s property and equipment was the weighted average cost of capital (“WACC”). Increases (decreases) in WACC inputs in isolation would result in a lower (higher) fair value measurement. The following tables are not intended to be all-inclusive, but rather provide a summary of the significant unobservable inputs used in the fair value measurement of the Company’s Level 3 assets in which impairment testing was performed. Impairment testing performed as of February 3, 2015 Unobservable Valuation Technique Significant Unobservable Inputs Input Range Property and Equipment Impairment Testing Income approach WACC (1) 13.5% Impairment testing performed as of August 4, 2015 Unobservable Valuation Technique Significant Unobservable Inputs Input Range Property and Equipment Impairment Testing Income approach WACC (1) 13.5% (1) Weighted Average Cost of Capital The fair value of the 2014 Senior Credit Facility term loans was estimated based on the ask and bid prices quoted from an external source.

Notes Payable and Long-term Deb

Notes Payable and Long-term Debt	6 Months Ended
	Aug. 04, 2015
Notes Payable and Long-term Debt
Notes Payable and Long-term Debt	4. Notes Payable and Long-term Debt Notes payable and long-term debt consists of the following (in thousands): February 3, August 4, 2015 2015 2014 Senior Credit Facility - term loans $ $ 2014 Senior Credit Facility - term loans discount 2014 Senior Credit Facility - revolver borrowings — Equipment financing and other notes payable Total long-term debt Current maturities of long-term debt Long-term debt, net of current maturities $ $ 2014 Senior Credit Facility— Effective October 20, 2014, Mattress Holding Corp. (“MHC”), a Delaware corporation and indirect subsidiary of Mattress Firm Holding Corp., entered into a $125 million asset-backed loan credit agreement dated October 20, 2014, among MHC, as borrower, Mattress Holdco, Inc., the lenders party thereto, and Barclays Bank PLC, as administrative agent, collateral agent and issuer (the “ABL Credit Agreement”). The ABL Credit Agreement is a committed senior revolving credit facility, secured by the assets of the borrower and the guarantors, that permits aggregate borrowings of up to $125 million, and contains within the facility, a letter of credit facility that, at any time outstanding, is limited to $50 million and a swing line facility that, at any time outstanding, is limited to $20 million. Subject to customary conditions, the Company may request that the lenders’ aggregate commitments with respect to the revolving credit facility be increased by up to $75 million. The maturity date under the ABL Credit Agreement is October 20, 2019. Loans under the ABL Credit Agreement bear interest by reference, at the Company’s election, to the LIBOR rate or base rate, provided, that swing line loans bear interest by reference only to the base rate. The applicable margin on LIBOR rate loans varies from 1.25% to 1.75% and the applicable margin on base rate loans varies from 0.25% to 0.75% , in each case determined based upon the Company’s average excess available borrowing capacity for the prior three month period. A letter of credit issuance fee is payable by the Company equal to 0.125% per annum multiplied by the average daily amount available to be drawn under the applicable letter of credit, as well as an additional fee equal to the applicable margin for LIBOR rate loans times the daily amount available to be drawn under all outstanding letters of credit. The commitment fee rate payable to the lenders for each of the revolving facility and term facility varies from 0.25 % to 0.375 % . Mattress Holdco, Inc., the parent company of the borrower, and each domestic subsidiary of MHC other than immaterial subsidiaries has unconditionally guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the ABL Credit Agreement and other loan documents. The ABL Credit Agreement requires compliance with one financial covenant. The Company cannot permit its fixed charge coverage ratio to fall below 1.0 . The ABL Credit Agreement generally defines the fixed charge coverage ratio as the ratio of (a) adjusted EBITDA, less capital expenditures, less all taxes paid or payable in cash by the borrower and guarantors to (b) the sum of fixed charges, in each case, determined as of the most recently ended fiscal quarter. As of August 4, 2015, the fixed charge coverage ratio was 2.71 to 1.0. The ABL Credit Agreement also contains customary representations, warranties and affirmative and negative covenants. Events of default under the ABL Credit Agreement include failure to pay principal or interest when due, failure to comply with the financial and operational covenants, as well as a cross default event, Loan Document (as defined in the ABL Credit Agreement) enforceability event, change of control event and bankruptcy and other insolvency events. If an event of default occurs and is continuing, then the lenders holding the majority of the outstanding loans have the right, among others, to (i) terminate the commitments under the ABL Credit Agreement, (ii) accelerate and require the Company to repay all the outstanding amounts owed under any Loan Document (provided that in limited circumstances with respect to insolvency and bankruptcy of the Company, such acceleration is automatic), and (iii) require the Company to cash collateralize any outstanding letters of credit. There were no outstanding ABL Credit Agreement borrowings at August 4, 2015. Outstanding letters of credit on the revolving facility were $4.2 million at August 4, 2015, resulting in $90.4 million of availability for revolving borrowings. Effective October 20, 2014, MHC entered into a $720 million term loan credit agreement dated October 20, 2014, among MHC, as borrower, Mattress Holdco, Inc., the lenders party thereto, and Barclays Bank PLC, as administrative agent and collateral agent (the “Term Loan Credit Agreement”). The Term Loan Credit Agreement and the ABL Credit Agreement are collectively referred to as the “2014 Senior Credit Facility”. Term loans in the aggregate principal amount of $720 million were issued under the Term Loan Credit Agreement on October 20, 2014. The maturity date under the Term Loan Credit Agreement is October 20, 2021. Loans under the Term Loan Credit Agreement bear interest by reference, at the Company’s election, to the LIBOR rate, varying from 4.00% to 4.25% or base rate , varying from 3.00% to 3.25% , in each case determined based upon the Company’s total net leverage ratio. The weighted average interest rate applicable to outstanding borrowings under the Term Loan Credit Agreement was 5.00% as of August 4, 2015. Mattress Holdco, Inc., the parent company of the borrower, and each domestic subsidiary of MHC other than immaterial subsidiaries has unconditionally guaranteed all existing and future indebtedness and liabilities of the other guarantors and the Company arising under the Term Loan Credit Agreement and other loan documents. The Term Loan Credit Agreement contains customary representations, warranties and affirmative and negative covenants. Events of default under the Term Loan Credit Agreement include failure to pay principal or interest when due, failure to comply with the covenants, as well as a cross default event, Loan Document (as defined in the Term Loan Credit Agreement) enforceability event, change of control event and bankruptcy and other insolvency events. If an event of default occurs and is continuing, then the lenders holding a majority of the outstanding loans have the right, among others, to (i) terminate the commitments under the Term Loan Credit Agreement, and (ii) accelerate and require the Company to repay all the outstanding amounts owed under any Loan Document (provided that in limited circumstances with respect to insolvency and bankruptcy of the Company, such acceleration is automatic). Equipment Financing and Other Short-Term Notes Payable— A subsidiary of the Company has an outstanding note payable related to the purchase of mattress specialty retail stores formerly operated by Mattress Liquidators, in the aggregate principal amount of $1.6 million that bears interest at 6.00% with quarterly principal and interest payments through fiscal 2016. A subsidiary of the Company has financed property and casualty insurance premiums in the amount of $0.7 million payable in fiscal 2015. In conjunction with the acquisition of The Sleep Train, Inc., the Company assumed notes payable in the aggregate principal amount of $4.2 million that primarily bear interest at 2.97% with monthly principal and interest payments through fiscal 2027. A subsidiary of the Company has an outstanding note payable related to the purchase of mattress specialty retail stores formerly operated by Best Mattress Co., Inc., in the aggregate principal amount of $0.3 million that bears interest at 6.00% with quarterly principal and interest payments through fiscal 2016.

Income Taxes

Income Taxes	6 Months Ended
	Aug. 04, 2015
Income Taxes
Income Taxes	5. Income Taxes Income tax expense during interim periods is based on the estimated annual effective income tax rate plus any discrete items which are recorded in the period in which they occur. Discrete items include such events as changes in estimates due to the finalization of tax returns, tax audit settlements, tax law changes, and increases or decreases in valuation allowances related to prior year estimates. The determination of the consolidated provision for income taxes, deferred tax assets and liabilities and related valuation allowance requires management to make judgments and estimates. Although management believes that its tax estimates are reasonable, the ultimate tax determination involves significant judgments that could become subject to audit by tax authorities in the ordinary course of business, as well as the generation of sufficient future taxable income. The Company recognized $ 16.8 million of income tax expense for the twenty-six weeks ended August 4, 2015 , compared to $14.1 million of income tax expense for the twenty-six weeks ended July 29, 2014 . The effective tax rate was 38.0% for the twenty-six weeks ended August 4, 2015 , compared to 39.0% for the twenty-six weeks ended July 29, 2014 . The effective tax rate of 38.0% for the current period differs from the federal statutory rate of 35.0% primarily due to state income taxes, partially offset by the release of $0.4 million in liabilities for unrecognized tax benefits as a result of settling an audit. The Company and its subsidiaries are included in a consolidated income tax return in the U.S. federal jurisdiction and some states, and file separate income tax returns in several other states. As of August 4, 2015 , the federal return is open to audit for tax years after 2012 and some state jurisdictions are open for tax years after 2009. As of February 3, 2015, the Company had approximately $6.3 million of net operating loss carryforwards that begin expiring in fiscal 2029, if not utilized to offset future taxable income. These net operating loss carryforwards arose from the acquisition of MGHC Holding Corporation (“Mattress Giant”) during fiscal 2012, and after application of Section 382 of the Internal Revenue Code of 1986, as amended, are limited to an average use of $2.8 million per year over the next three years. The Company had established a cumulative liability for unrecognized tax benefits and related interest of $0.4 million which was fully released as of May 5, 2015 upon the settlement of an audit with the Internal Revenue Service. The Company does not anticipate there will be a material change in the total amount of unrecognized tax benefits within the next twelve months.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Aug. 04, 2015
Stockholders' Equity
Stockholders' Equity	6. Earnings Per Share Basic net income per common share is computed by dividing the net income applicable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period, adjusted to reflect potentially dilutive securities using the treasury stock method for stock option awards. Diluted net income per common share adjusts basic net income per common share for the effects of stock options and other potentially dilutive financial instruments only in the periods in which such effect is dilutive. The following table presents a reconciliation of the weighted average shares outstanding used in the earnings per share calculations: Thirteen Weeks Ended Twenty-Six Weeks Ended July 29, August 4, July 29, August 4, 2014 2015 2014 2015 Basic weighted average shares outstanding Effect of dilutive securities: Stock options Restricted shares Diluted weighted average shares outstanding Diluted net income per common share for the thirteen and twenty-six weeks ended August 4, 2015, excludes stock options for the purchase of 49,631 shares of common stock as their inclusion would be anti-dilutive. Diluted net income per common share for the thirteen and twenty-six weeks ended July 29, 2014 , excludes stock options for the purchase of 117,337 and 120,837 shares of common stock, respectively, as their inclusion would be anti-dilutive. Certain stock option and restricted stock awards contain vesting conditions based on specified stock price targets for the Company’s common stock as measured at each of the annual vesting dates (“market-based awards”). The Company includes such market-based awards in the determination of dilutive weighted average shares outstanding under the treasury stock method when, as of the date of determination, the specified stock price targets are met and the common stock shares pursuant to those awards become contingently issuable. Accordingly, the determination of diluted weighted average shares outstanding excludes, as of the date of determination, stock options for the purchase of 15,388 shares of common stock for the thirteen and twenty-six weeks ended August 4, 2015 and 13,276 shares of common stock for the thirteen and twenty-six weeks ended July 29, 201 4 , and excludes 136,832 shares of non-vested restricted stock for the thirteen and twenty-six weeks ended August 4, 2015, and excludes 48,990 shares of non-vested restricted stock for the thirteen and twenty-six weeks ended July 29, 2014.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 04, 2015
Commitments and Contingencies
Commitments and Contingencies	7. Commitments and Contingencies The Company conducts the majority of its operations from leased store and warehouse facilities pursuant to non-cancellable operating lease agreements with initial terms generally ranging from 1 to 15 years. Certain leases include renewal options generally ranging from one to five years and contain certain rent escalation clauses. Most leases require the Company to pay its proportionate share of the property tax, insurance and maintenance expenses of the property. Certain leases provide for contingent rentals based on sales volume; however, incremental rent expense resulting from such arrangements are accrued for those stores expected to surpass the sales threshold subject to their respective lease agreements. The Company is subject to legal proceedings and claims that arise in the ordinary course of business. Management does not believe that the outcome of any of those matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Aug. 04, 2015
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation 2011 Omnibus Incentive Plan —On November 3, 2011, the Company’s board of directors and shareholders adopted the Mattress Firm Holding Corp. 2011 Omnibus Incentive Plan to provide for the grant of equity-based awards to Company employees, directors and other service providers. A total of 4,206,000 shares of the Company’s common stock were reserved for grants under the 2011 Omnibus Incentive Plan. There were 2,345,459 shares available for future grants under the stock incentive plan as of August 4, 2015 . Stock Options —A portion of the stock options granted to the Company’s employees are subject to time-based vesting schedules, while the remaining portion of the stock options are subject to market-based vesting schedules, with such vesting based on specified stock price targets. The exercise price of the options is based upon the closing market price per share of the Company’s common stock on the date of grant, and the options have a term of 10 years. The following table summarizes the stock option grants, exercises, and forfeitures for the twenty-six weeks ended August 4, 2015 (in thousands, except per share amounts): Weighted Average Stock Exercise Price Options Per Share Outstanding, as of February 3, 2015 $ Granted (a) — $ — Exercised (b) $ Forfeited $ Outstanding, as of August 4, 2015 (c) $ Exercisable, as of August 4, 2015 (d) $ (a) The Company issued no stock options in the twenty-six weeks ended August 4, 2015. (b) The aggregate intrinsic value of stock options exercised during the twenty-six weeks ended August 4, 2015 was $4.0 million. The weighted average market price of shares exercised during the twenty-six weeks ended August 4, 2015 was $ 64.28 . (c) Stock options outstanding as of August 4, 2015 have a weighted average remaining contractual term of 6.60 years and an aggregate intrinsic value of $32.4 million based on the market value of the Company’s common stock on August 4, 2015 . (d) Stock options exercisable as of August 4, 2015 have a weighted average remaining contractual term of 6.40 years and an aggregate intrinsic value of $16.2 million based on the market value of the Company’s common stock on August 4, 2015 . Future vesting dates on the stock options range from August 13, 2015 to September 2, 2018, and expiration dates range from November 17, 2021 to September 2, 2024 at exercise prices and average contractual lives as follows: Range of Exercise Prices Outstanding as of August 4, 2015 (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Exercisable as of August 4, 2015 (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Time Based $19.00 - $29.26 $ $ $36.84 - $57.05 $ $ Market Based $19.00 - $29.26 $ $ $36.84 - $57.05 $ $ The Company accounts for employee stock options under the fair value method of accounting using a Black Scholes methodology to measure time-based option fair value at the date of grant and a Monte Carlo Simulation approach to measure market-based option fair value at the date of grant. The fair value of the stock options at the date of grant is recognized as expense over the vesting term, which represents the requisite service period. For the thirteen and twenty-six weeks ended August 4, 2015 , the Company recognized $0.6 million and $1.2 million, respectively, of compensation expense associated with stock option awards in general and administrative expenses in the consolidated statement of operations compared to $0.4 million and $1.2 million, respectively, for the t hirteen and twenty-six weeks ended July 29, 2014. The Company did not capitalize any equity-based compensation costs related to stock options during the thirteen and twenty-six weeks ended August 4, 2015 and July 29, 2014 . As of August 4, 2015 , the Company estimates that a total of approximately $4. 0 million of currently unrecognized forfeiture adjusted compensation expense will be recognized over a weighted average period of 1.93 years for unvested stock option awards issued and outstanding. Restricted Stock —The Company grants restricted stock to certain employees and to non-employee independent directors. A portion of the restricted stock granted to the Company’s employees is subject to time-based vesting schedules, while the remaining portion of the restricted stock is subject to market-based vesting schedules, with such vesting based on specified stock price targets. The following table summarizes the restricted stock grants, vesting, and forfeitures for the twenty-six weeks ended August 4, 2015 (in thousands, except per share amounts): Weighted Average Restricted Fair Shares Value Outstanding, as of February 3, 2015 $ Granted (a) $ Vested (b) $ Forfeited $ Unvested, as of August 4, 2015 $ (a) The total grant-date fair value of restricted stock awards granted during the twenty-six weeks ended August 4, 2015 was $1.6 million. (b) The total fair value of awards vested during the twenty-six weeks ended August 4, 2015 was $0.2 million . The Company accounts for restricted stock under the fair value method of accounting using the closing market price per share of the Company’s stock to measure time based restricted stock fair value at the date of grant and a Monte Carlo Simulation approach to measure market-based restricted stock fair value at the date of grant. The fair value of the restricted stock at the date of grant is recognized as expense over the vesting term, which represents the requisite service period. For the thirteen and twenty-six weeks ended August 4, 2015 , the Company recognized $1.8 million and $3.3 million, respectively, of compensation expense associated with restricted stock awards in general and administrative expenses in the condensed consolidated statement of operations compared to $0.8 million and $1.4 million, respectively for the thirteen and twenty-six weeks ended July 29, 2014 . The Company did not capitalize any equity-based compensation costs related to restricted stock awards during the thirteen and twenty-six weeks ended August 4, 2015 and July 29, 2014 . As of August 4, 2015 , the Company estimates that a total of approximately $8.1 million of currently unrecognized forfeiture adjusted compensation expense will be recognized over a weighted average period of 2.13 years for unvested restricted stock awards.

Subsequent Event

Subsequent Event	6 Months Ended
	Aug. 04, 2015
Subsequent Event.
Subsequent Event	9. Subsequent Event Starting in the third quarter of fiscal 2015, the Company will begin to re-brand the 68 Mattress Pro stores to the Mattress Firm brand. No plans have yet been made to close any of the Mattress Pro stores, however signage will be replaced. The Company estimates the write off of Mattress Pro signage included in net fixed assets will be approximately $1.4 million.

Business and Summary of Signi15

Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 04, 2015
Business and Summary of Significant Accounting Policies
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”), and they reflect, in the opinion of management, all normal recurring adjustments necessary to present fairly the Company’s financial position as of August 4, 2015 , and the results of operations and cash flows for the periods presented. The Company’s historical and quarterly results of operations may not be indicative of the results that may be achieved for the full year or any future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s most recent audited consolidated financial statements and related notes for the fiscal year ended February 3, 2015 , which are included in the Company’s Annual Report on Form 10-K filed with the SEC on April 3, 2015 (the “Fiscal 2014 Annual Report”).
Fiscal Year	The Company’s fiscal year consists of 52 or 53 weeks ending on the Tuesday closest to January 31. The fiscal year ended February 3, 2015 (“Fiscal 2014”) consisted of 53 weeks. The fiscal year ending February 2, 2016 (“Fiscal 2015”) consists of 52 weeks.
Accounting Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of (i) assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements and (iii) the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Estimates that are more susceptible to change in the near term are the accruals for sales returns and exchanges, product warranty costs, asset impairments, vendor incentives, self-insured liabilities, store closing costs and acquisition accounting fair values.
Inventories	The Company acquired The Sleep Train, Inc. (“Sleep Train”) in October 2014, and Sleep Train’s legacy system utilizes the First-In, First-Out cost flow method (“FIFO”) of inventory costing. As a result, Sleep Train inventory of $45.2 million and $45.5 million as of August 4, 2015 and February 3, 2015, respectively, is valued at FIFO. The Company, as a whole, uses the Weighted Average costing method for inventory. The Company determined the difference between Weighted Average and FIFO costs is not material at August 4, 2015 and February 3, 2015, therefore the carrying value of all inventory is essentially at Weighted Average. Steps are in process to convert Sleep Train’s legacy inventory system to Company’s current ERP system; however this will likely not be complete until early in fiscal 2016. The Company will continue to confirm that the carrying value of the FIFO inventory and the Weighted Average inventory is not material ly different.
New Accounting Standards Not Yet Adopted	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue From Contracts With Customers , that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The ASU is based on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company is currently evaluating the guidance to determine the Company's adoption method and the effect it will have on the Company's Condensed Consolidated Financial Statements. In April 2015, the FASB issued ASU No. 2015-03, Interest- Imputation of Interest- Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective on a retrospective basis for annual reporting periods beginning after December 15, 2015, however early adoption is permitted. The Company will apply this ASU on a retrospective basis beginning in 2016. The adoption of this ASU is not expected to have an effect on the Company's Condensed Consolidated Statements of Income or Cash Flows; however, the unamortized balance of debt issuance costs will be reclassified from other long-term assets to an offset against long-term debt on the Condensed Consolidated Balance Sheets.

Fair Value of Financial Instr16

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Aug. 04, 2015
Fair Value of Financial Instruments
Schedule of assets requiring recurring or non-recurring fair value measurements	Net Book Value as of February 3, Fair Value Measurements Fiscal 2014 2015 Level 1 Level 2 Level 3 Impairments Nonqualified deferred compensation plan $ $ — $ $ — $ — Property and equipment requiring impairment review $ $ — $ — $ $ Net Book Value as of August 4, Fair Value Measurements Fiscal 2015 2015 Level 1 Level 2 Level 3 Impairments Nonqualified deferred compensation plan $ $ — $ $ — $ — Property and equipment requiring impairment review $ $ — $ — $ $ 2014 Senior Credit Facility term loans (Note 4) $ $ — $ $ — $ —
Summary of the significant unobservable inputs used in the fair value measurement of the Company's Level 3 assets in which impairment testing was performed	Impairment testing performed as of February 3, 2015 Unobservable Valuation Technique Significant Unobservable Inputs Input Range Property and Equipment Impairment Testing Income approach WACC (1) 13.5% Impairment testing performed as of August 4, 2015 Unobservable Valuation Technique Significant Unobservable Inputs Input Range Property and Equipment Impairment Testing Income approach WACC (1) 13.5% (1) Weighted Average Cost of Capital

Notes Payable and Long-term D17

Notes Payable and Long-term Debt (Tables)	6 Months Ended
	Aug. 04, 2015
Notes Payable and Long-term Debt
Schedule of notes payable and long-term debt	February 3, August 4, 2015 2015 2014 Senior Credit Facility - term loans $ $ 2014 Senior Credit Facility - term loans discount 2014 Senior Credit Facility - revolver borrowings — Equipment financing and other notes payable Total long-term debt Current maturities of long-term debt Long-term debt, net of current maturities $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Aug. 04, 2015
Earnings Per Share
Schedule of reconciliation of the weighted average shares outstanding used in the earnings per common share calculations	Thirteen Weeks Ended Twenty-Six Weeks Ended July 29, August 4, July 29, August 4, 2014 2015 2014 2015 Basic weighted average shares outstanding Effect of dilutive securities: Stock options Restricted shares Diluted weighted average shares outstanding

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Aug. 04, 2015
Stock-Based Compensation
Summary of the Company's stock options grants, exercises, and forfeitures	Weighted Average Stock Exercise Price Options Per Share Outstanding, as of February 3, 2015 $ Granted (a) — $ — Exercised (b) $ Forfeited $ Outstanding, as of August 4, 2015 (c) $ Exercisable, as of August 4, 2015 (d) $ (a) The Company issued no stock options in the twenty-six weeks ended August 4, 2015. (b) The aggregate intrinsic value of stock options exercised during the twenty-six weeks ended August 4, 2015 was $4.0 million. The weighted average market price of shares exercised during the twenty-six weeks ended August 4, 2015 was $ 64.28 . (c) Stock options outstanding as of August 4, 2015 have a weighted average remaining contractual term of 6.60 years and an aggregate intrinsic value of $32.4 million based on the market value of the Company’s common stock on August 4, 2015 . (d) Stock options exercisable as of August 4, 2015 have a weighted average remaining contractual term of 6.40 years and an aggregate intrinsic value of $16.2 million based on the market value of the Company’s common stock on August 4, 2015 .
Schedule of outstanding and exercisable stock options by range of exercise prices	Range of Exercise Prices Outstanding as of August 4, 2015 (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Exercisable as of August 4, 2015 (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Time Based $19.00 - $29.26 $ $ $36.84 - $57.05 $ $ Market Based $19.00 - $29.26 $ $ $36.84 - $57.05 $ $
Restricted Stock
Stock-Based Compensation
Summary of the Company's restricted stock	Weighted Average Restricted Fair Shares Value Outstanding, as of February 3, 2015 $ Granted (a) $ Vested (b) $ Forfeited $ Unvested, as of August 4, 2015 $ (a) The total grant-date fair value of restricted stock awards granted during the twenty-six weeks ended August 4, 2015 was $1.6 million. (b) The total fair value of awards vested during the twenty-six weeks ended August 4, 2015 was $0.2 million .

Business and Basis of Presentat

Business and Basis of Presentation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Aug. 04, 2015	Feb. 02, 2016	Feb. 03, 2015
Business and Basis of Presentation
Length of fiscal year			371 days
Minimum
Business and Basis of Presentation
Length of fiscal year	364 days
Maximum
Business and Basis of Presentation
Length of fiscal year	371 days
Plan
Business and Basis of Presentation
Length of fiscal year		364 days
Sleep Train
Business and Basis of Presentation
Sleep Train inventory valued using FIFO costing method	$ 45.2		$ 45.5

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 04, 2015	Feb. 03, 2015
Recurring | Net Book Value
Fair Value Measurements
Nonqualified deferred compensation plan	$ 1,646	$ 1,247
Recurring | Level 2
Fair Value Measurements
Nonqualified deferred compensation plan	1,646	1,247
Property and Equipment | Nonrecurring
Fair Value Measurements
Property impairment	735	937
Property and Equipment | Nonrecurring | Net Book Value
Fair Value Measurements
Property and equipment requiring impairment	602	702
Property and Equipment | Nonrecurring | Level 3
Fair Value Measurements
Property and equipment requiring impairment	602	$ 702
ABL-2014 Senior Credit Facility-term loans | Recurring | Net Book Value
Fair Value Measurements
Term Loans	708,194
ABL-2014 Senior Credit Facility-term loans | Recurring | Level 2
Fair Value Measurements
Term Loans	$ 721,746

Fair Value of Financial Instr22

Fair Value of Financial Instruments - Level 3 (Details)	Aug. 04, 2015	Feb. 03, 2015
Level 3 | Income approach | Property and Equipment
Valuation of Level 3 Financial Instruments
Weighted average cost of capital	13.50%	13.50%

Notes Payable and Long-term D23

Notes Payable and Long-term Debt (Details) $ in Thousands	Oct. 20, 2014USD ($)item	Aug. 04, 2015USD ($)	Feb. 03, 2015USD ($)
Notes Payable and Long-term Debt
Total long-term debt		$ 715,025	$ 770,038
Less: Current maturities of long-term debt		10,150	9,947
Long-term debt, net of current maturities		704,875	760,091
ABL-2014 Senior Credit Facility-term loans
Notes Payable and Long-term Debt
Unamortized discount		(6,406)	(6,823)
Aggregate principal amount outstanding		714,600	718,200
ABL-2014 Senior Credit Facility-revolver borrowings
Notes Payable and Long-term Debt
Aggregate principal amount outstanding			50,000
Outstanding letters of credit		4,200
Amount available for borrowings under credit facility		90,400
Equipment financing and other notes payable
Notes Payable and Long-term Debt
Aggregate principal amount outstanding		$ 6,831	$ 8,661
Mattress Holding Corp | ABL-2014 Senior Credit Facility-term loans
Notes Payable and Long-term Debt
Maximum borrowing capacity under credit facility	$ 720,000
Weighted average interest rate (as a percent)		5.00%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-term loans | LIBOR | Minimum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	4.00%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-term loans | LIBOR | Maximum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	4.25%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-term loans | Base rate | Minimum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	3.00%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-term loans | Base rate | Maximum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	3.25%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings
Notes Payable and Long-term Debt
Maximum borrowing capacity under credit facility	$ 125,000
Increase in aggregate commitments that may be requested under facility terms	$ 75,000
Number of financial covenants | item	1
Fixed charge ratio (as a percent)		2.71
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | Minimum
Notes Payable and Long-term Debt
Commitment fee (as a percent)	0.25%
Fixed charge ratio (as a percent)	1
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | Maximum
Notes Payable and Long-term Debt
Commitment fee (as a percent)	0.375%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | LIBOR
Notes Payable and Long-term Debt
Applicable margin, period for calculation of average excess available borrowing capacity	3 months
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | LIBOR | Minimum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	1.25%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | LIBOR | Maximum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	1.75%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | Base rate | Minimum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	0.25%
Mattress Holding Corp | ABL-2014 Senior Credit Facility-revolver borrowings | Base rate | Maximum
Notes Payable and Long-term Debt
Applicable margin rate (as a percent)	0.75%
Mattress Holding Corp | Letter of Credit Facility
Notes Payable and Long-term Debt
Maximum borrowing capacity under credit facility	$ 50,000
Issuance fee (as a percent)	0.125%
Mattress Holding Corp | Swing Line Facility
Notes Payable and Long-term Debt
Maximum borrowing capacity under credit facility	$ 20,000

Notes Payable and Long-term D24

Notes Payable and Long-term Debt - Equipment Financing and Other Short-Term Notes Payable (Details) - USD ($) $ in Millions	Aug. 04, 2015	Oct. 20, 2014
Property and casualty insurance premiums
Equipment Financing and Other Short-Term Notes Payable
Long-term debt	$ 0.7
Mattress Liquidators | Seller Notes
Equipment Financing and Other Short-Term Notes Payable
Long-term debt	$ 1.6
Interest rate (as a percent)	6.00%
Sleep Train | Seller Notes
Equipment Financing and Other Short-Term Notes Payable
Long-term debt		$ 4.2
Interest rate (as a percent)		2.97%
Best Mattress | Seller Notes
Equipment Financing and Other Short-Term Notes Payable
Long-term debt	$ 0.3
Interest rate (as a percent)	6.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014	Aug. 04, 2015	Jul. 29, 2014	Feb. 03, 2015
Income Taxes
Income tax expense (benefit)	$ 13,678	$ 9,194	$ 16,778	$ 14,085
Effective tax rate (as a percent)			38.00%	39.00%
Federal statutory rate (as a percent)			35.00%
Decrease in unrecognized tax benefits resulting from settlement of an audit			$ 400
Net operating loss carryforwards					$ 6,300
Operating loss carryforward average use per year			$ 2,800
Period over which the net operating losses are available for use			3 years
Cumulative liability for unrecognized tax benefits		$ 400		$ 400

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014	Aug. 04, 2015	Jul. 29, 2014
Earnings Per Share
Basic weighted average shares outstanding	35,188,368	34,135,060	35,167,565	34,081,500
Diluted weighted average shares outstanding	35,600,295	34,523,620	35,584,024	34,464,038
Shares excluded from calculation of diluted net income per common share as their inclusion would be anti-dilutive	49,631	117,337	49,631	120,837
Stock options
Earnings Per Share
Effect of dilutive securities (in shares)	319,819	321,740	332,038	321,054
Shares excluded from diluted weighted average shares outstanding	15,388	13,276	15,388	13,276
Restricted Stock
Earnings Per Share
Effect of dilutive securities (in shares)	92,108	66,820	84,421	61,484
Shares excluded from diluted weighted average shares outstanding	136,832	48,990	136,832	48,990

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Aug. 04, 2015
Minimum
Commitments and Contingencies
Initial terms of non-cancellable operating lease agreements	1 year
Period of renewal options of operating leases	1 year
Maximum
Commitments and Contingencies
Initial terms of non-cancellable operating lease agreements	15 years
Period of renewal options of operating leases	5 years

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Aug. 04, 2015	Nov. 03, 2011
Stock-Based Compensation
Common stock reserved for future grants (in shares)		4,206,000
Number of shares available for future grants	2,345,459
Stock options
Stock-Based Compensation
Term of options	10 years
Stock Options
Outstanding at the beginning of the period (in shares)	957,000
Exercised (in shares)	(90,000)
Forfeited (in shares)	(8,000)
Outstanding at the end of the period (in shares)	859,000
Exercisable at the end of the period (in shares)	393,000
Weighted Average Exercise Price Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 23.86
Exercised (in dollars per share)	19.94
Forfeited (in dollars per share)	43.63
Outstanding at the end of the period (in dollars per share)	24.09
Exercisable at the end of the period (in dollars per share)	$ 20.65
Aggregate intrinsic value of stock options exercised	$ 4
Weighted average market price of shares exercised	$ 64.28
Weighted average remaining contractual term of options outstanding	6 years 7 months 6 days
Intrinsic value of options outstanding	$ 32.4
Weighted average remaining contractual term of options exercisable	6 years 4 months 24 days
Aggregate intrinsic value of options exercisable	$ 16.2

Stock-Based Compensation - Opti

Stock-Based Compensation - Options - Exercise Price Range (Details) - Aug. 04, 2015 - $ / shares shares in Thousands	Total
Time based stock options | $19.00 - $29.26
Outstanding and Exercisable stock options by range of exercise prices
Range of exercise prices, lower limit (in dollars per share)	$ 19
Range of exercise prices, upper limit (in dollars per share)	$ 29.26
Outstanding
Options (in shares)	357
Weighted Average Remaining Contractual Life	6 years 3 months 29 days
Weighted Average Exercise price (in dollars per share)	$ 19.56
Exercisable
Options (in shares)	154
Weighted Average Remaining Contractual Life	6 years 3 months 22 days
Weighted Average Exercise price (in dollars per share)	$ 19.23
Time based stock options | $36.84 - $57.05
Outstanding and Exercisable stock options by range of exercise prices
Range of exercise prices, lower limit (in dollars per share)	36.84
Range of exercise prices, upper limit (in dollars per share)	$ 57.05
Outstanding
Options (in shares)	136
Weighted Average Remaining Contractual Life	8 years 3 months 26 days
Weighted Average Exercise price (in dollars per share)	$ 46.34
Exercisable
Options (in shares)	24
Weighted Average Remaining Contractual Life	7 years 6 months 15 days
Weighted Average Exercise price (in dollars per share)	$ 40.21
Market-based stock options | $19.00 - $29.26
Outstanding and Exercisable stock options by range of exercise prices
Range of exercise prices, lower limit (in dollars per share)	19
Range of exercise prices, upper limit (in dollars per share)	$ 29.26
Outstanding
Options (in shares)	349
Weighted Average Remaining Contractual Life	6 years 1 month 24 days
Weighted Average Exercise price (in dollars per share)	$ 19.45
Exercisable
Options (in shares)	211
Weighted Average Remaining Contractual Life	6 years 3 months 18 days
Weighted Average Exercise price (in dollars per share)	$ 19.09
Market-based stock options | $36.84 - $57.05
Outstanding and Exercisable stock options by range of exercise prices
Range of exercise prices, lower limit (in dollars per share)	36.84
Range of exercise prices, upper limit (in dollars per share)	$ 57.05
Outstanding
Options (in shares)	17
Weighted Average Remaining Contractual Life	7 years 8 months 23 days
Weighted Average Exercise price (in dollars per share)	$ 36.84
Exercisable
Options (in shares)	4
Weighted Average Remaining Contractual Life	7 years 8 months 23 days
Weighted Average Exercise price (in dollars per share)	$ 36.84

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Assumptions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014	Aug. 04, 2015	Jul. 29, 2014
Stock options
Stock-Based Compensation
Stock-based compensation expense recognized	$ 0.6	$ 0.4	$ 1.2	$ 1.2
Unrecognized compensation costs related to the stock options	4		$ 4
Weighted average period over which unrecognized compensation expense is expected to be recognized			1 year 11 months 5 days
Restricted Stock
Stock-Based Compensation
Stock-based compensation expense recognized	$ 1.8	$ 0.8	$ 3.3	$ 1.4
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 1 month 17 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2015	Jul. 29, 2014	Aug. 04, 2015	Jul. 29, 2014
Restricted Stock
Unvested at the beginning of the period (in shares)			350
Granted (in shares)			31
Vested (in shares)			(3)
Unvested at the end of the period (in shares)	371		371
Forfeited (in shares)			(7)
Weighted Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)			$ 35.81
Granted (in dollars per share)			59.29
Vested (in dollars per share)			40.94
Forfeited (in dollars per share)			32.48
Unvested at the end of the period (in dollars per share)	$ 37.78		$ 37.78
Additional disclosure
Total grant-date fair value of restricted stock awards granted			$ 1.6
Total fair value of awards vested			0.2
Stock-based compensation expense recognized	$ 1.8	$ 0.8	$ 3.3	$ 1.4
Weighted average period over which unrecognized compensation expense is expected to be recognized			2 years 1 month 17 days
Unrecognized forfeiture adjusted compensation expense	$ 8.1		$ 8.1

Subsequent Event (Details)

Subsequent Event (Details) - Nov. 03, 2015 - Subsequent Event - Mattress Pro - Projected cost $ in Millions	USD ($)store
Subsequent event
Number of stores | store	68
Property impairment	$ 1.4