Reuters: Global Markets: Mattress Firm cuts sales forecast, shares fall

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Mattress Firm cuts sales forecast, shares fall Jul 16th 2012, 21:23 Mon Jul 16, 2012 5:23pm EDT (Reuters) - Specialty bedding retailer Mattress Firm Holding Corp (MFRM.O) cut its second-quarter and full-year sales forecast, sending its shares tumbling 11 percent in after-market trade. Shares of rivals Select Comfort Corp (SCSS.O) and Tempur-Pedic International Inc (TPX.N) also fell in extended trade on Monday. Mattress Firm cut its second-quarter sales outlook to $260-$265 million, from $270-$275 million. It also lowered its sales forecast for the full year to $1.01-$1.03 billion, from $1.03-$1.06 billion. The company, however, raised the lower end of its adjusted earnings outlook range for the second quarter by 3 cents per share. It now expects earnings of 38-40 cents per share. Mattress Firm, which went public in November, also increased its full-year adjusted profit forecast to $1.65-$1.71 per share from $1.63-$1.69 per share. The company's shares fell to $26.50 in extended trade, after closing at $29.77 on Monday on the Nasdaq.

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