More Bed Bugs in Mattress Firm's Earnings
Mattress Firm Holding Corp. (NASDAQ: MFRM) is tanking after its lower annual guidance for 2012. The bed bugs are back in this mattress retailer's stock. This is pretty sad when you consider that net sales grew by more than 50%. The adjusted earnings were $0.47 EPS and revenue was $277.4 million. Thomson Reuters had estimates of $0.46 EPS and $271.59 million in sales.
The company said that comparable-store sales growth was 6.6% and its company-operated stores increased to 1,011. As far as the disappointment, Mattress Firm blamed lower ticket sales and lower traffic growth.
Revenue is being adjusted slightly lower for its fiscal 2012 period, from $1.022B to $1.039B down to a new range of $1.01B to $1.015B. The big drop is the adjusted earnings per share, which drops from a range of $1.67 to $1.73 in earnings down to a new range of $1.49 to $1.52 in earnings per share. Thomson Reuters had estimates of $1.70 EPS and $1.02 billion in revenue.
After rising by over 4% to $30.14 today, this mattress and bedding retailer is trading down close to 20% in the after-hours session at $24.50. The company's 52-week trading range is $21,55 to $48.18.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Earnings, Earnings Warning, Retail Tagged: MFRM