Shares of Michaels Companies Inc. /zigman2/quotes/207984083/composite MIK +0.84% 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 +1.90% has lost 9.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.16% has gained 2.0%.