Mattress Firm Jumps on Q1 Results

Mattress Firm (NASDAQ: MFRM) released its fiscal first-quarter earnings results after the closing bell on Tuesday. The company reported both earnings per share and revenue which were ahead of Wall Street estimates. In late trading, the stock was last up around 6 percent to $39.83. The company reported net income of $12.0 million or $0.35 per share in the first-quarter, compared to $9.7 million or $0.29 per share, in last year's corresponding period. On an adjusted basis, Mattress Firm reported net income of $12.8 million or $0.38 per share, versus $10.5 million or $0.31 per share, last year. This came in ahead of analysts' consensus EPS estimates of $0.36. Net sales in the quarter were up 31.5 percent to $275.96 million from $209.81 million a year ago. This was ahead of Wall Street consensus revenue estimates of $274.39 million. Comparable store-sales fell 5.2 percent in the fiscal first-quarter. Mattress Firm also reaffirmed its fiscal 2013 guidance. The company expects adjusted earnings per share of $1.90 to $1.98 on sales of $1.237 billion to $1.250 billion. Currently, analysts anticipate that Mattress Firm will report EPS of $1.96 on revenue of $1.23 billion in fiscal 2013.