This divergence reflects developments across the bedding retailer's operations, including improved store network efficiency, the expansion of online sales channels, and shifts in its product mix.

In retail, strong revenue growth does not necessarily translate into a corresponding increase in profitability. Rental expenses, staffing, marketing, and operating costs can absorb a substantial portion of incremental revenue, particularly for retailers with extensive physical store networks.

Against this backdrop, Vua Nem's financial performance in the first nine months of 2026 stands out. According to company-provided figures, revenue rose 36.9 per cent on-year, while profit surged 127 per cent.

Understanding the drivers behind this performance requires a closer look at developments across the company's core operations, rather than focusing solely on its headline growth figures.

For retail chains, opening new stores can generate additional revenue, but expansion also entails investment and operating costs. As a result, sales growth at existing locations is an important indicator of how effectively a retailer is utilising its store network.

In the first nine months of 2026, Vua Nem recorded like-for-like (LFL) sales growth of 14.2 per cent on-year, based on the stores eligible for comparison across both periods. This suggests that the company is generating growth from its existing network rather than relying entirely on new store openings.

On the operating front, cumulative store-level earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 25.6 per cent on-year. Notably, 99 per cent of stores reported positive cumulative EBITDA.

While LFL sales growth reflects a retailer's ability to generate additional revenue from comparable stores, EBITDA provides an indication of operating performance before financing costs, taxes, depreciation, and amortisation.

The fact that 99 per cent of stores recorded positive cumulative EBITDA also suggests that positive operating results extend across most of the network, rather than being concentrated in a small number of high-performing locations.

More importantly, Vua Nem has recorded growth in both comparable-store sales and store-level EBITDA. For a retail business with a significant fixed-cost base, these concurrent improvements point to more effective utilisation of its physical network.

Another notable development in Vua Nem's business mix is the expanding contribution of its online operations, which encompass both company-owned digital sales channels and third-party e-commerce marketplaces.

In 2025, online revenue increased by approximately 51 per cent on-year. More significantly, the online segment's share of total revenue rose from 9.7 per cent in 2022 to 19.4 per cent in 2025, reaching 27 per cent in the first nine months of 2026.

Photo: Vua Nem

Online sales are no longer a marginal component of the company's revenue mix. However, a rising revenue contribution alone does not establish the quality of growth, particularly in digital retail, where customer acquisition costs, promotional spending, and fulfilment expenses can weigh heavily on profitability.

In this respect, Vua Nem reported an 87 per cent on-year increase in online EBITDA during the first nine months of 2026.

Over the longer term, the performance of online retail operations will be assessed not only by transaction volumes or revenue, but also by their ability to balance selling and operating costs against the value generated per transaction.

For Vua Nem, the combination of a growing online revenue contribution and higher EBITDA indicates that the segment is contributing on two fronts: expanding the business scale while delivering stronger operating results.

Alongside changes in its sales channels, Vua Nem is also seeing a shift in its product mix. In 2025, non-mattress products accounted for 26.5 per cent of the company's net revenue. In the first nine months of 2026, this share reached 30 per cent.

Photo: Vua Nem

Notably, revenue from non-mattress products rose 62 per cent on-year in the first nine months of 2026, significantly outpacing the company's overall revenue growth of 36.9 per cent during the same period. Bedding, pillows, accessories, and other sleep-related products are making an increasingly significant contribution to revenue growth.

This shift is particularly relevant for a retailer operating in a category characterised by long replacement cycles. A mattress may remain in use for many years, whereas consumers may replace bedding, purchase new pillows, or add sleep accessories more frequently. A broader product assortment therefore allows Vua Nem to address purchasing occasions that are not necessarily linked to replacing a mattress.

Alongside its non-mattress categories, Vua Nem is also expanding its mattress portfolio across different price points and developing its house brands to serve a wider range of customer segments.

From a financial perspective, however, revenue growth in additional product categories does not automatically translate into higher profits. As the portfolio expands, inventory management, stock turnover, and distribution efficiency become increasingly important.

The 62 per cent increase in non-mattress revenue therefore primarily demonstrates the company's ability to diversify and expand its revenue base.

Taken together, Vua Nem's performance in the first nine months of 2026 points to positive developments across several core areas of its business.

The company's growth story extends beyond higher sales volumes. Its existing store network is delivering stronger operating results, online channels are accounting for a larger share of revenue, and a broader product portfolio is creating additional opportunities to serve customers.

Nguyen Thi Thanh Huyen, CEO of Vua Nem, explained the company's long-term ambitions. "Our ambition is not to become the retail chain with the highest number of stores, but to be the first brand customers think of when it comes to better sleep. Today's growth provides a foundation for Vua Nem’s continued investment in customer experience, greater product accessibility, and building a business capable of sustainable development over the long term," she said.

With these positive developments in the first nine months of 2026, Vua Nem is laying the groundwork for its next phase of growth, driven by improved store productivity, continued expansion of online channels, and a more diversified product portfolio. These developments are expected to create further growth opportunities, enhance operating efficiency, and strengthen the company's position in the retail market.