MIK Gives Q3, Q4 and FY Guidance Slightly Below Consensus

Michaels Stores, Inc. (NYSE: MIK) expects same-store sales for the third quarter to range from even with the same period last year to an increase of 1%. Sees Q3 EPS of $0.36 to $0.38, versus the consensus of $0.39. Sees Q4 EPS of $0.88 to $0.92, versus the consensus of $0.93. Sees FY05 EPS of $1.80 to $1.85, versus the consensus of $1.87.

The company said the effect of higher energy costs, unseasonably warm weather in most of the country, and a reduction in our promotional program during the quarter are considered the primary drivers of a decline in customer transactions.

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