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June 6, 2019, 7:30 a.m. EDT

Michaels' stock tumbles toward record low after sales miss, profit guidance lowered

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By Tomi Kilgore

Shares of Michaels Companies Inc. /zigman2/quotes/207984083/composite MIK -2.74% dropped 14% toward a record low in premarket trade Thursday, after the arts and crafts retailer reported fiscal first-quarter sales that missed expectations and trimmed its full-year profit outlook. Net income for the quarter to May 4 rose to $32.9 million, or 24 cents a share, from $19.8 million, or 15 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 31 cents, matching the FactSet consensus. Sales fell to $1.09 billion from $1.16 billion to miss the FactSet consensus of $1.11 billion. Same-store sales fell 2.9%, compared with expectations of a 1.4% decline, as decrease in customer transactions offset an increase in average ticket. For fiscal 2019, the company cut its adjusted EPS guidance to $2.29 to $2.41 from $2.34 to $2.46, but affirmed its outlooks for net sales outlook of $5.19 billion to $5.24 billion and same-store sales of flat to up 1%. The stock has plunged 30% over the past three months through Wednesday, while the SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -1.09% has lost 9.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.65% has gained 2.0%.

/zigman2/quotes/207984083/composite
US : U.S.: Nasdaq
$ 8.89
-0.25 -2.74%
Volume: 3.19M
July 17, 2019 4:00p
P/E Ratio
4.36
Dividend Yield
N/A
Market Cap
$1.45 billion
Rev. per Employee
$112,169
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/zigman2/quotes/206947004/composite
US : U.S.: NYSE Arca
$ 42.66
-0.47 -1.09%
Volume: 2.51M
July 17, 2019 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,984.42
-19.62 -0.65%
Volume: 1.74B
July 17, 2019 5:04p
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