Net income was $19.8 million for the two fiscal quarters ended July 31, 2012 and EPS was $0.59. Excluding acquisition-related costs, and related tax effects, adjusted net income was $24.7 million for the two fiscal quarters and adjusted EPS was $0.73. See “Reported to Adjusted Statements of Operations Data” below for a reconciliation of net income as reported to adjusted net income.
The Company expects the pending acquisition of 35 stores from Mattress X-Press to add incremental sales during the second half of fiscal 2012 in the range of $7 million to $9 million. Such sales estimates anticipate temporary closings of the stores while rebranding efforts are undertaken. The impact on EPS during the second half of fiscal 2012 is expected to be a reduction of $0.03 to $0.04 that is attributable to acquisition-related costs. The Company expects that the Mattress X-Press acquisition will be accretive to EPS for the fiscal year (52 weeks) ending January 28, 2014 (“fiscal year 2013”) by $0.09 to $0.12 as a result of expected increases in sales volumes and improvement in operational efficiencies of the rebranded stores.
The Company is updating its outlook for the full fiscal year 2012 to include the anticipated results from the pending acquisition of 35 Mattress X-Press stores and second quarter net income and EPS results that exceeded our previous guidance.Revised Revenue and Diluted Earnings per Share (EPS) Guidance:
|Prior Guidance Range||Updated Range|
|Full Fiscal Year Ending January 29, 2013|
|Revenue (in billions)||$1.010 to $1.030||$1.022 to $1.039|
|GAAP EPS||$1.48 to $1.52||$1.47 to $1.50|
|Acquisition-related costs||$0.17 to $0.19||$0.20 to $0.23|
|As Adjusted EPS||$1.65 to $1.71||$1.67 to $1.73|
|Comparable-store sales increase||High single digits||7% to 9%|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV