by Christopher Freeburn | March 14, 2014 9:15 am
On Thursday, Mattress Firm Holding Corp. (MFRM) posted higher quarterly sales and boosted its outlook for the year, sending MFRM stock up almost 5% in Friday pre-market trading.
MFRM stock gained after Mattress Firm said it earned $8.7 million during the fourth quarter, up from $7.6 million during the year-ago period. Adjusted earnings were flat at 30 cents per MFRM share, but that was a penny better than the 29 cents that analysts had anticipated, the Wall Street Journal notes.
During the quarter, MFRM reported net sales of $312.1 million, up 21% year-over-year and in line with previously announced guidance. MFRM said that same-store sales rose 6.5% in the fourth quarter. MFRM stores sell a variety of leading mattress brands.
MFRM also raised its revenue forecast for the current fiscal year from earlier estimates of between $1.38 billion and $1.43 billion, to a new range of between $1.46 billion and $1.52 billion. Adjusted EPS for the current fiscal year is now projected at between $1.88 and $2 per MFRM share, up from previous guidance of between $1.85 and $1.95 per share.
On Thursday, MFRM stock closed at $44.45 per share. Over the past year, MFRM stock has gained more than 45%.
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