Mattress Firm Provides Upbeat Revenue Guidance (MFRM)
Mattress Firm Holding Corp. (NASDAQ: MFRM) reported late on Tuesday fiscal fourth-quarter results which showed sharp plunge in profit as the bottom line was weighed down by recent acquisition; however, shares edged up in aftermarket hours after the company provided upbeat outlook on the current fiscal. The company expects revenue will get a boost due to newly acquired stores.
Just last Friday, Analysts at Stifel Nicolaus boosted their rating on shares of Mattress Firm Holding Corp to “buy “ from “hold”.
Back in December, the Company closed a deal by acquiring Mattress & Water Bed Outlet of Charlotte Inc in deal estimated at $11.4 million.
For the fiscal fourth quarter Jan 29, the Company reported profit of $7.6 million or 22 cents a share, compared to net income of $17.4 million or 56 cents a share, in the year earlier quarter.
Excluding onetime items such as $2.4 million worth acquisition related charges, impairment and other charges, adjusted or non-GAAP earnings came at 30 cents a share.
Revenue during the quarter jumped 37% to $258.2 million, thanks to addition of new and acquired stores. However, same-store-sales, a key gauge on retailer’s performance, declined 1.6%.
During the quarter, Mattress Firm opened 30 new stores and shuttered 11 stores, bringing total number of stores operating at 1,057.
Analysts polled by FactSet Research were expecting earnings of 32 cents a share on revenue of $262.1 million.
Looking ahead at the current fiscal year, Mattress Firm expects earnings to be in the range of $1.90 to $1.98 a share on revenue range of $1.24 billion to $1.25 billion. Analysts’ consensus estimate was for earnings of $1.96 a share on revenue of $1.21 billion.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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