Mattress Firm Q1 Results Miss Estimates; Boosts FY14 Revenue Outlook

(RTTNews) - Mattress Firm Holding Corp. (MFRM) reported net income for the first quarter of $7.7 million or $0.22 per share, compared to $12.0 million or $0.35 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $10.5 million or $0.31 per share, compared to $12.8 million or $0.38 per share in the prior year quarter.

Net sales for the first quarter increased 20.9% to $333.50 million from $275.96 million a year ago, reflecting same-store sales growth of 4.3% and incremental sales from new and acquired stores.

Analysts polled by Thomson Reuters expected the company to earn $0.36 per share on revenue of $336.83 million for the first quarter. Analysts' estimates tpically exclude special items.

For the fiscal year ending February 3, 2015, the company now forecasts net sales of $1.50 billion to $1.56 billion, earnings of $1.53 to $1.61 per share and adhusted earnings of$1.88 to $2.00 per share. Previously, the company forecast net sales of$1.46 billion to $1.52 billion, earnings of$1.67 to $1.76 per share and adjusted earnings of $1.88 to $2.00 per share.

Analysts currently expect the company to earn $1.95 per share on revenue of $1.50 billion for the fiscal year 2014.