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UPDATE 1-Mattress Firm cuts sales forecast, shares fall
July 16, 2012 / 9:24 PM / 5 years ago

UPDATE 1-Mattress Firm cuts sales forecast, shares fall

July 16 (Reuters) - Specialty bedding retailer Mattress Firm Holding Corp 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 and Tempur-Pedic International Inc 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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