UPDATE: Michaels Cos. (MIK) Tops Q3 EPS by 1c, Offers Q4 Guidance

Michaels Cos. (NASDAQ: MIK) reported Q3 EPS of $0.44, $0.01 better than the analyst estimate of $0.43. Revenue for the quarter came in at $1.24 billion versus the consensus estimate of $1.26 billion.

• Comparable store sales increased 1.0%

For the fourth quarter of fiscal 2017, the Company expects:

• comparable store sales to increase 1.5% to 2.5%, or 1.0% to 2.0% on a constant currency basis;
• to open one new Michaels store and close four Aaron Brothers stores;
• operating income to be between $354 million and $364 million;
• interest expense to be approximately $35 million;
• the effective tax rate to be between 34% and 35%; and
• diluted earnings per common share to be between $1.15 and $1.18, based on diluted weighted average common shares of 182 million

(Street sees Q4 EPS of $1.16)

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

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