UPDATE: Mattress Firm Posts 1.2% Rise In Q3 Profit, Lowers Full-Year Forecast
Mattress Firm Holding (NASDAQ: MFRM) reported a 1.2% rise in its fiscal third-quarter profit.
For the current quarter, the company projects adjusted earnings of $0.30 to $0.33 per share on revenue of $261 million to $266 million. However, analysts were expecting a profit of $0.51 per share on revenue of $281 million. It now expects full-year adjusted earnings of $1.49 to $1.52 per share on revenue of $1.01 billion to $1.02 billion. The company had earlier expected adjusted earnings of $1.67 to $1.73 per share on revenue of $1.02 billion to $1.04 billion.
Mattress Firm's quarterly profit rose to $12.5 million, from $12.3 million, in the year-ago period. On a per-share basis, its earnings dropped to $0.37 from $0.55. Excluding one-time items, the company earned $0.47 per share.
Its revenue surged 51% to $277.3 million, while same-store sales rose 6.6%. The company in September expected adjusted earnings of $0.43 to $0.47 per share on revenue of $270 million to $275 million.
Mattress Firm shares tumbled 22.99% to $23.35 in after-hours trading.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.