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Michaels: Fiscal 2Q Earnings Snapshot

IRVING, Texas — Michaels Cos. (MIK) on Wednesday reported fiscal second-quarter net income of $24.5 million.

On a per-share basis, the Irving, Texas-based company said it had net income of 16 cents. Earnings, adjusted for one-time gains and costs, were 19 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The arts and crafts store operator posted revenue of $1.03 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $1.01 billion.

For the current quarter ending in November, Michaels expects its per-share earnings to range from 46 cents to 51 cents.

The company expects full-year earnings in the range of $2.31 to $2.42 per share, with revenue ranging from $5.16 billion to $5.19 billion.

Michaels shares have dropped 59% since the beginning of the year. The stock has declined 67% 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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