Mattress Firm Holding Corp (NASDAQ: MFRM) reported late on Tuesday that fiscal first quarter income rose, aided by higher revenue. Both earnings and revenue edged past analysts’ consensus estimate.
The Houston, Texas-based bedding Company also reiterated its full-year guidance. Shares climbed about 3.75% in extended trading hours.
For the fiscal first quarter, Mattress Firm reported an income of $12.0 million or 35 cents a share compared to a profit of $9.7 million or 29 cents a share, in the year-earlier quarter.
Stripping out onetime items, non-GAAP or adjusted earnings climbed to 38 cents a share from 31 cents a share, in the same quarter of last year. Analysts’ consensus estimate was for earnings of 36 cents a share, according to a data compiled by Thomson Reuters.
Total sales soared 31.5% to $276.0 million from $209.8 million, in the year-earlier quarter, aided by newly opened and acquired stores. Analysts’ consensus estimate was for sales of $274.39 million.
Same-store-sales, a key measure on retail chain’s performance as it strips sales from those stores that were opened or shuttered less than 12 months ago, fell 5.2%. In the recently concluded quarter, the bedding retailer opened 46 new stores and shuttered 7 stores.
For the fiscal 2013, the Company maintained its guidance on non-adjusted earnings of $1.81 to $1.89 a share and adjusted earnings of $1.90 to $1.98 a share on revenue of $1.24 billion to $1.25 billion. Analysts’ consensus forecast is for earnings of $1.96 a share on revenue of $1.23 billion.
Commenting over the results, Chief Executive, Steve Stagner said to analysts in a conference call, “As the leading bedding specialty retailer in the country, we continued to achieve strong results in the first quarter, evidenced by our 31.5% revenue growth over the prior year, despite the challenging industry consumer traffic and average unit price trends that we previously referenced.”
Recent Comments