Michaels Cos. (MIK) Tops Q4 EPS by 3c

Michaels Cos. (NASDAQ: MIK) reported Q4 EPS of $0.87, $0.03 better than the analyst estimate of $0.84. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.65 billion.

Fourth quarter comparable store sales increased 3.1%, or 4.7% on a constant currency basis.

Reflecting the Company’s capital allocation strategy, on December 29, 2015, the Company paid down $150.0 million on the Term Loan from excess cash flow. At the end of fiscal 2015, the ratio of debt-to-Adjusted EBITDA was 3.2 times.

In addition, the Board of Directors has authorized the Company to purchase, from time to time, as market conditions warrant, $200 million of the Company’s common stock. The share-repurchase program does not have an expiration date, and the timing and number of repurchase transactions under the program will depend on market conditions, corporate considerations, debt agreements, and regulatory requirements.

GUIDANCE:

Michaels Cos. sees Q1 2016 EPS of $0.34-$0.36, versus the consensus of $0.38.

Michaels Cos. sees FY2016 EPS of $1.88-$1.96, versus the consensus of $1.92.

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

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