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Michaels: Fiscal 3Q Earnings Snapshot

IRVING, Texas — Michaels Cos. (MIK) on Thursday reported fiscal third-quarter profit of $83.8 million.

On a per-share basis, the Irving, Texas-based company said it had net income of 50 cents. Earnings, adjusted for pretax gains, came to 48 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The arts and crafts store operator posted revenue of $1.27 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.25 billion.

For the current quarter ending in January, Michaels expects its per-share earnings to range from $1.42 to $1.47.

The company expects full-year earnings in the range of $2.35 to $2.39 per share, with revenue ranging from $5.26 billion to $5.28 billion.

Michaels shares have decreased 32 percent since the beginning of the year. The stock has fallen 23 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MIK at https://www.zacks.com/ap/MIK

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