(Reuters) - Specialty bedding retailer Mattress Firm Holding Corp’s MFRM.O quarterly sales missed analysts’ expectations and the company also forecast weak second-quarter sales, sending its shares down 12 percent after the bell.
The company said it expects sales between $270 million and $275 million for the current quarter.
Analysts on average were expecting sales of $278.3 million, according to Thomson Reuters I/B/E/S.
First-quarter net income rose to $9.7 million, or 29 cents per share, from $1 million, or 5 cents per share, last year.
Excluding items, the company earned 31 cents per share.
Net sales rose 38 percent to $209.8 million.
Analysts had expected the company to earn 25 cents per share on revenue of $211.6 million for the quarter.
Shares of the company fell to $31.00 after the bell. They had closed at $35.30 on the Nasdaq on Tuesday.
Reporting by Chris Jonathan Peters in Bangalore; Editing by Joyjeet Das