MIK

MICHAELS COS INC/THE

16.2100
USD
2.27%
16.2100
USD
2.27%
12.4800 27.8700
52 weeks
52 weeks

Mkt Cap 2.78B

Shares Out 171.37M

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Michaels' stock slumps after earnings beat, but a surprise decline in same-store sales

Shares of Michaels Companies Inc. MIK, -2.59% slumped 6.4% in premarket trade Thursday, after the arts and crafts retailer beat fiscal second-quarter earnings expectations, but reported a surprise decline in same-store sales and provided a downbeat outlook. Net income for the quarter to Aug. 4 fell to $28.3 million, or 15 cents a share, from $49.5 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of 15 cents beat the FactSet consensus of 13 cents. Revenue slipped to $1.05 billion from $1.07 billion, below the FactSet consensus of $1.06 billion, while the same-store sales decline of 0.4% compared with expectations of flat same-store sales. For the fiscal third-quarter, the company expects adjusted EPS of 42 cents to 45 cents, below the FactSet consensus of 52 cents. For fiscal 2018, the company expects adjusted EPS of $2.29 to $2.42, compared with the FactSet consensus of $2.30. The stock has declined 17.5% year to date through Wednesday, while the SPDR S&P Retail ETF XRT, -0.10% has advanced 14.5% and the S&P 500 SPX, +0.57% has gained 9.0%.

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