Michaels: Fiscal 1Q Earnings Snapshot
IRVING, Texas (AP) _ Michaels Cos. (MIK) on Thursday reported fiscal first-quarter net income of $37.7 million.
On a per-share basis, the Irving, Texas-based company said it had profit of 24 cents. Earnings, adjusted for one-time gains and costs, were 31 cents per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 31 cents per share.
The arts and crafts store operator posted revenue of $1.09 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $1.1 billion.
For the current quarter ending in August, Michaels expects its per-share earnings to range from 13 cents to 16 cents.
The company expects full-year earnings in the range of $2.29 to $2.41 per share, with revenue ranging from $51.9 billion to $52.4 billion.
Michaels shares have decreased 31% since the beginning of the year. The stock has declined 52% in the last 12 months.