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What: Shares of Mattress Firm Holding (NASDAQ:MFRM) were springing higher today, gaining as much as 13% after providing promising 2013 guidance in its quarterly report.

So what: Despite today's gain, It wasn't exactly a great quarter for Mattress Firm. Adjusted earnings per share fell from $0.56 to $0.30, and although revenue grew 37% in the quarter, that growth came entirely from new and acquired stores as same-store sales fell by 1.6%. The results missed expectations on both top and bottom lines. EPS guidance of $1.90 to $1.98 for 2013 was within range of estimates, while revenue guidance of $1.24 to $1.25 billion was ahead by about 3%.

Now what: The earnings report won Mattress Firm an upgrade from The Street from sell to hold based on strong revenue growth and solid return on equity, and Raymond James also upgraded the stock to "outperform" from "market perform." Citigroup noted that sales could increase by more than expected as mattress prices continue to go up. The upside revenue guidance was enough to bring shares of industry rivals Tempur-Pedic and Select Comfort up significantly. Still, I'd remain wary of these companies, as the industry is extremely competitive and the durable nature of mattresses means that any meaningful innovation is likely to be copied before it reaches most consumers.

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