Michaels Cos. /zigman2/quotes/207984083/composite MIK -0.86% posted stronger-than-expected earnings for the third quarter and said it will pay $10 million in holiday bonuses to full-time and part-time staff as it works through the pandemic economy. The arts and crafts retailer said it had net income of $111.1 million, or 74 cents a share, in the quarter to Oct. 31, up from $28.7 million, or 19 cents a share, in the year-earlier period. Adjusted per-share earnings came to 86 cents, ahead of the 59 cents FactSet consensus. Sales rose to $1.406 billion from $1.222 billion, also ahead of the $1.391 billion FactSet consensus. Same-store sales rose 16.3% to beat the 14.8% FactSet consensus. E-commerce sales rose 128%, driven by improvements to the company's curbside pick-up, same-day delivery and other services. The company is not offering guidance due to uncertainty caused by the pandemic. Shares rose 2.4% premarket and have gained 27% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.34% has gained 13.6%.
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