Michaels Cos. (MIK) Tops Q3 EPS by 5c, Updates Guidance

Michaels Cos. (NASDAQ: MIK) reported Q3 EPS of $0.31, $0.05 better than the analyst estimate of $0.26. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.09 billion.

Michaels Cos. sees FY2014 EPS of $1.42 - $1.44, versus the consensus of $1.41. This guidance is based on opening two Michaels stores in the last quarter of fiscal 2014, total annual net sales growth of 3.0% to 3.3% and adjusted operating income of $648 to $655 million.

Comparable store sales decreased by 0.8% or down 0.2% on a constant currency basis

Michaels Cos. sees Q4 2014 EPS of $0.71 - $0.73, versus the consensus of $0.75.

This implies for the fourth quarter net sales growth of 1.3% to 2.3%, operating income of $278 to $285 million.

For earnings history and earnings-related data on Michaels Cos. (MIK) click here.

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