Michaels Cos. (MIK) Misses Q3 EPS by 9c, Revenues Beat; Offers Q4 & FY EPS Guidance Below Consensus

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Go back to Michaels Cos. (MIK) Misses Q3 EPS by 9c, Revenues Beat; Offers Q4 & FY EPS Guidance Below Consensus

The Michaels Companies Announces Third Quarter 2019 Results

December 5, 2019 7:00 AM EST

IRVING, Texas--(BUSINESS WIRE)-- The Michaels Companies, Inc. (NASDAQ: MIK) today reported diluted earnings per share for the third quarter of fiscal 2019 of $0.19, or $0.40 per adjusted diluted share which excludes charges totaling $31.4 million (net of taxes) consisting primarily of non-cash goodwill and other impairment charges associated with the Darice wholesale business. This compares to diluted earnings per share for the third quarter of fiscal 2018 of $0.50, or $0.48 per adjusted diluted share. A reconciliation of non-GAAP financial measures to the respective GAAP measures is included in this release.

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