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March 19, 2019, 7:14 a.m. EDT

Michaels Cos. stock soars 4% premarket as quarterly earnings beat offsets soft guidance

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By Ciara Linnane

Michaels Cos. Inc. shares /zigman2/quotes/207984083/composite MIK -3.83% rose 4.3% in premarket trade Tuesday, as better-than-expected quarterly earnings offset guidance that was below consensus. The Irving, Texas-based arts and crafts retail chain said it had net income of $181.4 million, or $1.15 a share, in its fiscal fourth quarter to Feb. 2, down from $202.9 million, or $1.11 a share, in the year-earlier period. Excluding restructuring charges and a tax adjustment, EPS came to $1.44, ahead of the $1.42 FactSet consensus. Sales edged down to $1.789 billion from $1.891 billion, but were also ahead of the FactSet consensus of $1.778 billion. Same-store sales fell 0.4%, compared with the FactSet consensus for a decline of 0.2%. For fiscal 2019, the company is expecting adjusted EPS of $2.34 to $2.46 on sales of $5.19 billion to $5.24 billion. The FactSet consensus is for EPS of $2.48 and sales of $5.246 billion. Shares have fallen 45% in the last 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.67% has gained 4.4%.

/zigman2/quotes/207984083/composite
US : U.S.: Nasdaq
$ 10.05
-0.40 -3.83%
Volume: 3.35M
May 20, 2019 4:00p
P/E Ratio
5.15
Dividend Yield
N/A
Market Cap
$1.65 billion
Rev. per Employee
$112,169
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/zigman2/quotes/210599714/realtime
US : S&P US
2,840.23
-19.30 -0.67%
Volume: 1.90B
May 20, 2019 4:51p
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