Mattress Firm Q2 Results Miss View; Cuts FY13 Targets - Quick Facts

(RTTNews) - Bedding retailer Mattress Firm Holding Corp. (MFRM) posted higher second-quarter net income of $14.12 million, or $0.41 per share, versus the prior year's $10.085 million, or $0.30 per share. On a non-GAAP basis, quarterly earnings amounted to $0.43 per share, excluding acquisition-related and ERP system implementation costs. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.51 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the second fiscal quarter rose 15.5% year-on-year to $302.5 million, from $262.02 million, reflecting incremental sales from new and acquired stores, offset by a comparable-store sales decline of 0.3%. Seven analysts estimated revenues of $323.42 million for the quarter.

Looking forward, the company axed its fiscal 2013 guidance for GAAP earnings per share to $1.66 - $1.74, from its prior outlook of $1.81 - $1.89. Adjusted per-share earnings are now estimated to lie between $1.75 and $1.83, compared with its earlier $1.90 - $1.98 range. Annual net sales forecast is also reduced to $1.194 billion - $1.207 billion, versus the previous forecast of $1.237 billion - $1.25 billion. Eight analysts project full-year earnings of $1.97 per share, on $1.24 billion in revenue.