UPDATE: Michaels Cos. (MIK) Reports In-Line Q2 EPS; Guides In-Line
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(Updated - August 25, 2016 7:14 AM EDT)
Michaels Cos. (NASDAQ: MIK) reported Q2 EPS of $0.17, in-line with the analyst estimate of $0.17. Revenue for the quarter came in at $1.06 billion versus the consensus estimate of $1.05 billion.
Comparable store sales increased 0.7%, or 1.0% on a constant currency basis.
Michaels Cos. sees Q3 EPS of $0.42-$0.44, versus the consensus of $0.42
Michaels Cos. sees FY 2016 EPS of $1.92-$1.98, versus the consensus of $1.94.
“We are pleased that our team delivered second quarter results within our expectations, despite a retail environment which continues to be choppy. As anticipated, the quarter was uniquely challenged by the impact of investments we are making to support our Vision 2020 strategy, including the integration of Lamrite West and initiatives to reduce long-term product acquisitioncosts, as well as the unfavorable timing of distribution expenses,” said Chuck Rubin, Chairman and Chief Executive Officer. “As we move into the second half of the year and into fiscal 2017, we expect to see the benefits of our strategic investments on sales and profitability.”
For earnings history and earnings-related data on Michaels Cos. (MIK) click here.
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