Bedding retailer Mattress Firm Holding Corp. (MFRM), Tuesday reported a decline in profit for the fourth quarter, hurt mainly by one-time charges and the absence of an income tax benefit recorded last year. Excluding special items, adjusted earnings for the quarter improved from last year as revenues surged. However, both earnings and revenues failed to be beat Street expectations.
Moving ahead, Mattress Firm detailed its financial guidance for fiscal year 2013, with earnings expected to fall short of estimates and revenues to beat expectations.
Houston, Texas-based Mattress Firm's fourth-quarter profit dropped to $7.6 million or $0.22 per share from $17.4 million or $0.56 per share last year.
Excluding special items, earnings for the quarter rose to $0.30 per share from $0.21 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.
Mattress Firm said sales for the fourth quarter grew 37 percent to $258.2 million from $188.6 million last year, reflecting sales from acquired stores but offset by same-store sales decline. Analysts expected sales of $261.54 million for the quarter.
Same-store sales, or sales from stores open at least a year, dropped 1.6 percent for the quarter.
Company-operated stores at the year-end was 1,057. During the quarter, Mattress Firm opened 30 new stores, closed 11, and acquired 27 former Mattress Source stores.
Looking forward to fiscal year 2013, Mattress Firm expect earnings in the range of $1.81 to $1.89 per share, adjusted earnings of $1.90 to $1.98 per share and sales of $1.24 billion to $1.25 billion. Analysts currently expect earnings of $1.99 per share on revenues of $1.21 billion for fiscal year 2013.
MFRM closed Tuesday's regular trade at $31.02, down $ 1.15 or 3.57%, on the Nasdaq. The stock further lost $0.28 or 0.90% in after-hours trade.
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