Mattress Firm (MFRM) Misses Q1 EPS by 7c, Raises FY15 Revenue Guidance

Mattress Firm (NASDAQ: MFRM) reported Q1 EPS of $0.33, $0.07 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $562.6 million versus the consensus estimate of $565.81 million.

Comps increased 1.3%.

“We are pleased our dedicated organization delivered 68.7% net sales growth and our seventh consecutive quarter of positive comparable-store sales, as we continue to navigate a period of extraordinary integration of multiple acquisitions,” stated Steve Stagner, Mattress Firm’s chief executive officer. “As we had anticipated and previously communicated, our operation of the Chicago market in the first quarter impacted our results as we worked to convert the stores, leading to an approximate loss of $0.07 per diluted share, excluding acquisition-related costs. Once we converted the majority of the signs in our Chicago market prior to Memorial Day, we saw an immediate and now sustained lift in sales as expected. On the West Coast, our Sleep Train business has continued to outperform our expectations and we remain highly confident that we can achieve the synergy targets of $20 million over three years that we identified previously. Furthermore, results from the Memorial Day holiday demonstrate that we have built solid sales momentum that we expect to continue, which further validates our relative market share strategy that over time creates long-term shareholder value.”

Mattress Firm sees FY2015 EPS of $2.50 - $2.70, versus the consensus of $2.62. Mattress Firm sees FY2015 revenue of $2.485 - $2.535 billion, versus prior guidance of $2.465 - $2.515 billion and the consensus of $2.49 million.

For earnings history and earnings-related data on Mattress Firm (MFRM) click here.

You May Also Be Interested In

• Morgan Stanley CEO: investment banking momentum is building - Conference Call
• New Horizon Aircraft (HOVR) Issues Corporate Update
• UnitedHealth (UNH) beats earnings, revenue estimates in Q1; shares up