Michaels Cos. (MIK) Reports In-Line Q4 EPS

Michaels Cos. (NASDAQ: MIK) reported Q4 EPS of $0.95, in-line with the analyst estimate of $0.95. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.76 billion.

• Fourth quarter total net sales increased 4.1%; comparable store sales decreased 1.0%
• Fourth quarter diluted EPS increased 9.2% to $0.95 compared to $0.87 in prior year; excluding acquisition-related expenses and debt extinguishment charges, adjusted diluted EPS was $0.96
• Fiscal 2016 total net sales increased 5.8% to $5.2 billion; comparable store sales decreased 0.5%
• Fiscal 2016 diluted EPS increased 5.8% to $1.82 compared with $1.72 in the prior year; excluding acquisition-related expenses and debt extinguishment charges, adjusted diluted EPS was $1.88

“Today, we reported fourth quarter results within our initial guidance, and I am encouraged that we delivered market share gains and increased earnings,” said Chuck Rubin, Chairman and Chief Executive Officer. “Looking back on the year, I am pleased we increased our free cash flow to $450 million and utilized the strength of our balance sheet to deliver value to our shareholders. Importantly, we made progress against each of the priorities of our Vision 2020 strategy, which is our long-term strategy to increase market share and drive shareholder return.”

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

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