Reuters: Global Markets: Mattress Firm posts strong results, shares rise

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Mattress Firm posts strong results, shares rise Apr 10th 2012, 21:58 Tue Apr 10, 2012 5:58pm EDT (Reuters) - Specialty bedding retailer Mattress Firm Holding Corp (MFRM.O) reported better-than-expected quarterly results, helped by higher sales, and forecast a strong year ahead. Shares of the Houston-based firm, which went public in November, rose more than 16 percent to $43.32 in after-market trade. They had closed at $37.43 on Tuesday on the Nasdaq. Mattress Firm expects earnings of between $1.40 and $1.48 per share in the year ending January 2013, higher than the $1.37 per share analysts were expecting according to Thomson Reuters I/B/E/S. For the quarter ended January, the company posted a profit of $17.4 million, or 56 cents a share, compared with a loss of $1.6 million, or 7 cents a share, a year ago. Fourth-quarter sales jumped 47.9 percent to $188.6 million. Analysts had expected a profit of 19 cents a share on revenue of $177.2 million in the quarter. The company also said it agreed to purchase privately-held Mattress Giant for about $47 million in cash. The deal will add 25-35 cents a share to its earnings in fiscal 2014, the company said. Mattress Firm said it will fund the acquisition with cash on hand and expects to close the deal in the second quarter of 2012. (Reporting by Meenakshi Iyer in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions