Exhibit 99.1

FOR IMMEDIATE RELEASE

MATTRESS FIRM ANNOUNCES THIRD QUARTER FISCAL 2011 FINANCIAL RESULTS

—   Net Sales Increased 40.4% to $183.5 Million  —

—   Comparable-Store Sales Grew 18.6%  —

—   Net Income Improved to $12.3 Million From $1.9 Million  —

HOUSTON, December 21, 2011 /BUSINESSWIRE/ — Mattress Firm Holding Corp. (NASDAQ: MFRM) today announced its financial results for the fiscal 2011 third quarter (thirteen weeks) ended November 1, 2011.

Highlights

·        Gross profit increased 52.1% to $73.4 million

·        Adjusted EBITDA increased 66.7% to $27.3 million

·        Completed initial public offering

“We delivered strong financial results for the third quarter as the growth we have been experiencing throughout the year continued,” stated Steve Stagner, Mattress Firm’s chief executive officer. “Our sales results for the year, driven by solid comparable-store sales growth during the quarter and the past two years, reflect the strength and expanding appeal of our brand, customer loyalty, and benefits we derive from selling the leading brands in the bedding industry. Looking ahead, we remain focused on executing our growth strategies, which include expanding our store base in underpenetrated markets, selective and opportunistic expansion into new markets and leveraging the great brands we bring to the consumers to further drive sales growth.

“With the successful completion of our initial public offering in November, we have a strong balance sheet to support our future growth. We believe our Company is uniquely positioned to capture additional share growth and has a compelling opportunity to further penetrate the sector and continue profitable growth as we move forward and create additional value for our shareholders.”

Fiscal Third Quarter Results

Mattress Firm reported net revenues of $183.5 million for the third quarter, compared to $130.7 million in the same period of the prior year ended November 2, 2010, an increase of $52.8 million, or 40.4%.  The increase in sales was the result of comparable-store sales growth of 18.6%, adding $23.8 million in net sales, and incremental net sales of $30.7 million from the opening of new stores and acquired stores prior to their inclusion in comparable-stores sales results, with such increases offset by a reduction in net sales of $1.7 million related to stores that were closed.

For the quarter, the Company opened 25 new stores, while closing five stores, bringing the total company-operated stores to 640 as of November 1, 2011, as compared with 538 stores at November 2, 2010, and 592 stores at the end of fiscal 2010 on February 1, 2011.

For the quarter, gross profit improved 52.1% to $73.4 million, compared to the same period of the prior year.  As a percentage of sales, gross profit improved 310 basis points to 40.0% from 36.9%, primarily as a result of increasing leverage over occupancy costs due to improving sales per store results.

5815 Gulf Freeway · Houston, TX · 77023 · Phone: 713-923-1090 · Fax: 713-923-1096

For the quarter, income from operations improved 86.1% to $21.4 million, compared to the same period of the prior year.  As a percentage of sales, income from operations improved 286 basis points to 11.7% from 8.8%.  The improvement over the prior year resulted primarily from the improvement in gross profit, offset slightly by expected deleveraging in sales and marketing expense due to strong revenue growth. Net income for the quarter was $12.3 million, compared to $1.9 million in the same period of the prior year.  Net income per share grew to $0.55 from $0.08, with weighted-average shares outstanding in both comparable quarters of 22.4 million, which reflected the Company’s equity structure prior to completion of the initial public offering after giving retroactive effect to a 227,058-for-one forward stock split of the Company’s common stock that occurred on November 3, 2011.  Net income per share results for the quarter are as historically reported, including retroactive effect of the stock split, and do not include new shares issued or the pro forma effects of debt reduction resulting from the initial public offering completed on November 23, 2011.

For the quarter, earnings before interest, taxes, depreciation and amortization and other adjustments (“Adjusted EBITDA”) was $27.3 million, compared to $16.4 million in the same period of the prior year, an increase of $10.9 million, or 66.7%.  Adjusted EBITDA as a percentage of sales improved 240 basis points to 14.9% from 12.5%.  See “Non-GAAP Financial Measures” below for a reconciliation of Adjusted EBITDA to net income.

Year-to-Date Results

For the three fiscal quarters (thirty-nine weeks) ended November 1, 2011, net revenues increased 40.6% to $515.4 million, from $366.6 million in the comparable prior-year period ended November 2, 2010. The increase in sales was the result of comparable-store sales growth of 19.0%, adding $68.4 million in net sales, and incremental net sales of $84.5 million from the opening of new stores and acquired stores prior to their inclusion in comparable-stores sales results, with such increases offset by a net of a reduction in net sales of $4.2 million related to stores that were closed.

For the first three fiscal quarters, the Company opened 65 new stores, while closing 17 stores, and remains on track to open 100 total new stores by the end of fiscal 2011.

Net income for the three fiscal quarters was $17.0 million, compared to $2.0 million in the same period of the prior year.  Net income per share grew to $0.76 from $0.09, with weighted-average shares outstanding in both comparable quarters of 22.4 million, as retroactively adjusted for the stock split on November 3, 2011.

Pro forma net income and net income per share for the three fiscal quarters, as adjusted to give effect to the initial public offering that was completed in November 2011, including the application of the net proceeds therefrom and the conversion of certain portions of outstanding debt into shares of the Company’s common stock in connection with the completion of the offering, was $30.5 million and $0.90, respectively.  See “Unaudited Pro Forma Consolidated Statement of Operations” for more information.

Subsequent Event

On November 15, 2011, the Company acquired specific assets including related inventory, and assumed certain liabilities, of Mattress Giant Corporation relating to the operation of 55 mattress specialty retail stores and three distribution centers for approximately $8.0 million. The stores and distribution centers are located in the states of Georgia, Missouri, Illinois and Minnesota.

Initial Public Offering

As noted above, on November 23, 2011, the Company completed an initial public offering of 6,388,888 shares of its common stock at $19 per share, before underwriting discounts and commissions.  The offering generated net proceeds of approximately $110 million, after deducting the underwriting discount and estimated offering-related costs. The Company used the majority of the net proceeds to repay portions of its outstanding debt.  After other uses of net proceeds in the offering, approximately $15 million remained available to the Company for working capital and general corporate

2

purposes.  Furthermore, in connection with the offering, portions of the Company’s outstanding debt were converted into shares of common stock at the $19 per share offering price.  As a result of the initial public offering, the Company reduced its outstanding debt, and related interest accrued thereon, in the aggregate amount of $188.0 million.  The debt reduced in the offering was subject to a weighted average interest rate of 14.5%.  The Company anticipates incurring significantly lower amounts of interest expense in future periods from the reduction of debt resulting from the initial public offering.

Outlook

For fiscal 2011, ending January 31, 2012, net sales are expected to be in the range from $685 million to $690 million based on opening 100 new stores in fiscal 2011 and an increase in comparable-store sales of 16% to 17%.  Adjusted EBITDA and income from operations for fiscal 2011 are expected to be in the ranges from $80 million to $82 million and from $54 million to $56 million, respectively.

Call Information

A conference call to discuss third quarter results is scheduled for today, December 21, 2011, at 5:00 p.m. ET.   The call will be hosted by Steve Stagner, president and chief executive officer, and Jim Black, chief financial officer.

The conference call will be accessible by telephone and the Internet.  To access the call, participants from within the U.S. may dial (877) 407-3982, and participants from outside the U.S. may dial (201) 493-6780.  Participants may also access the call via live webcast by visiting the company’s investor relations Web site at Error! Hyperlink reference not valid.www.mattressfirm.com.

The replay of the call will be available from approximately 8:00 p.m. Eastern Time on December 21, 2011 through midnight Eastern Time on January 4, 2012.  To access the replay, the domestic dial-in number is (877) 870-5176, the international dial-in number is (858) 384-5517, and the passcode is 384543.  The archive of the webcast will be available on the company’s Web site for a limited time.

3

Net Sales and Store Unit Information

The components of the net sales increase were as follows (in millions):

The activity with respect to the number of company-operated store units was as follows:

Forward-Looking Statements

Certain statements contained in this press release are not based on historical fact and are “forward-looking statements” within the meaning of applicable federal securities laws and regulations. In many cases, you can identify forward-looking statements by terminology such as “may,” “would,” “should,” “could,” “forecast,” “feel,” “project,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue” or the negative of these terms or other comparable terminology;  however,  not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release, such as those relating to our net sales, Adjusted EBITDA and income from operations for fiscal 2011, are subject to various risks and uncertainties, including but not limited to downturns in the economy and a reduction in discretionary spending by consumers; our ability to profitably open and operate new stores; our relationship with our primary mattress suppliers; our dependence on a few key employees;  the possible impairment of our goodwill or other acquired intangible assets; the effect of our planned growth and the integration of our acquisitions on our business infrastructure; the impact of seasonality on our financial results and comparable-store sales;  our ability to raise adequate capital to support our expansion strategy; our success in pursuing strategic acquisitions; the effectiveness and efficiency of our advertising expenditures; our success in keeping warranty claims and comfort exchange return rates within acceptable levels; our ability to deliver our products in a timely manner; our status as a holding company with no business operations; our ability to anticipate consumer trends; risks related to our controlling stockholder, J.W. Childs Associates, L.P.; heightened competition; changes in applicable regulations; risks related to our franchises, including our lack of control over their operation and our liabilities if they default on note or lease obligations; risks related to our stock and other factors set forth under “Risk Factors” in the Company’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission (“SEC”) on November 18, 2011 and our other SEC filings.  Forward-looking statements relate to future events or our future financial performance and reflect management’s expectations or beliefs concerning future events as of the date of this press release.  Actual results of operations may differ materially from those set forth in any forward-looking statements, and the inclusion of a projection or forward-looking statement in this press release should not be regarded as a representation by us that our plans or objectives will be achieved. Except as required by applicable law, we do not undertake to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

4

Non-GAAP Financial Measures

Adjusted EBITDA is defined as net income before income tax expense, interest income, interest expense, depreciation and amortization (“EBITDA”), without giving effect to non-cash goodwill and intangible asset impairment charges, gains or losses on store closings and impairment of store assets, gains or losses related to the early extinguishment of debt, financial sponsor fees and expenses, non-cash charges related to stock based awards and other items that are excluded by management in reviewing the results of operations. We have presented Adjusted EBITDA because we believe that the exclusion of these items is appropriate to provide additional information to investors about our ongoing operating performance excluding certain non-cash and other items and to provide additional information with respect to our ability to comply with various covenants in documents governing our indebtedness and as a means to evaluate our period-to-period results. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed to imply that our future results will be unaffected by any such adjustments. We have provided this information to analysts, investors and other third parties to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of our ongoing operations. Management also uses Adjusted EBITDA to determine executive incentive compensation payment levels. In addition, our compliance with certain covenants under the credit agreement between our indirect wholly owned subsidiary, Mattress Holding Corp., certain lenders, and UBS Securities LLC, as sole arranger and bookrunner and a lender, are calculated based on similar measures, which differ from Adjusted EBITDA primarily by the inclusion of pro forma results for acquired businesses in those similar measures. Other companies in our industry may calculate Adjusted EBITDA differently than we do. Adjusted EBITDA is not a measure of performance under U.S. GAAP and should not be considered as a substitute for net income prepared in accordance with U.S. GAAP. Adjusted EBITDA has significant limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP.

The following table contains a reconciliation of our net income determined in accordance with U.S. GAAP to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):

(a)                                  Adjustment to recognize vendor funds received upon the opening of a new store in the period opened, rather than over 36-months as presented in our financial statements, which is consistent with how management has historically reviewed its results of operations.

(b)                                 Noncash effect included in net income related to purchase accounting adjustments made to inventories resulting from acquisitions and other acquisition related cash costs included in net income, such as direct acquisition costs and costs related to training and integration of acquired businesses.

(c)                                  Consists of various items that management excludes in reviewing the results of operations.

5

MATTRESS FIRM HOLDING CORP.

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

6

MATTRESS FIRM HOLDING CORP.

Unaudited Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

7

MATTRESS FIRM HOLDING CORP.

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)

8

Unaudited Pro Forma Consolidated Statement of Operations

The pro forma consolidated statements of operations for the thirty-nine weeks ended November 1, 2011, are unaudited and have been derived from our historical consolidated financial statements, as adjusted to give effect to the initial public offering that was completed on November 23, 2011, including the application of the net proceeds therefrom and the conversion of all of the 12% convertible notes due July 18, 2016 (“Convertible Notes”) and the conversion of certain amounts of the 12% payment-in-kind investor notes maturing at various times from October 24, 2012 through March 19, 2015 (“PIK Notes”) for which such conversion was elected, into shares of our common stock in connection with the completion of the offering, as if all such transactions had occurred on February 2, 2011.

The unaudited pro forma adjustments are based on available information and certain assumptions that we believe are reasonable and are described in the accompanying notes, which should be read in conjunction with these unaudited pro forma consolidated financial statements. The unaudited pro forma consolidated statement of operations should be read in conjunction with the historical financial results included elsewhere in this press release.

The unaudited pro forma statement of operations are for illustrative and informational purposes only and should not be considered indicative of the results that would have been achieved had the transactions been consummated for the period indicated. Also, the unaudited pro forma consolidated statement of operations should not be viewed as indicative of statement of operations data as of any future dates or for any future period.

9

MATTRESS FIRM HOLDING CORP.

Unaudited Pro Forma Consolidated Statement of Operations

Thirty-Nine Weeks Ended November 1, 2011

(In thousands, except share and per share amounts)

(a)          Represents the reduction of management fees included in general and administrative expenses related to termination of the management agreement.

(b)         Represents the reduction of interest expense in the amount of $18.9 million related to the reduction in the principal amount of debt, and the reduction in the amortization of debt issue costs and debt discount in the amounts of $0.2 million and $0.3 million, respectively, related to (1) the prepayment of the loan facility between Mattress Intermediate Holdings, Inc., Mattress Holding Corp.’s direct subsidiary, and a group of lenders maturing in January 2015 (the “2009 Loan Facility”) on July 19, 2011, (2) the use of proceeds from the Company’s initial public offering to repay the remaining outstanding balance of the 2009 Loan Facility and the amount of PIK Notes for which a cash prepayment was elected, and (3) the conversion of Convertible Notes and the conversion of the PIK Notes for which a cash prepayment was not elected into shares of the Company’s common stock in connection with the Company’s initial public offering.

(c)      Represents the reduction of loss from extinguishment related a partial prepayment of the 2009 Loan Facility on July 19, 2011 in advance of the final prepayment made in connection with the completion of the initial public offering.

(d)         Represents the income tax effects of the pro forma adjustments at an effective income tax rate of 37.1%. The effective tax rate is the combination of the federal rate of 35% and the aggregate state rate, net of federal income tax benefit, of 2.1%.

10

(e)          The historical results give effect to a 227,058-for-one stock split effected on November 3, 2011 resulting in 22,399,952 shares of common stock outstanding, and the pro forma results also give effect to the issuance of (1) 6,388,888 shares of the Company’s common stock in connection with the initial public offering, (2) 2,189,053 additional shares upon the conversion of the Convertible Notes in connection with the offering and (3) 2,753,158 additional shares upon the conversion of the PIK Notes in connection with the offering, in each case at a price or conversion rate equal to the initial public offering price of $19.00 per share. The following table provides the historical number of shares of common stock and pro forma issuances of additional shares of common stock described in this note:

About Mattress Firm

Houston-based Mattress Firm is one of the nation’s leading specialty bedding retailers, offering a broad selection of both traditional and specialty mattresses from leading manufacturers, including Sealy, Serta, Simmons, Stearns & Foster and Tempur-Pedic.

Investor Relations Contact: Brad Cohen, ir@mattressfirm.com, 713.343.3652

Media Contact: Sari Martin, mattressfirm@icrinc.com, 203.682.8345

###

11