The Michaels Companies Announces First Quarter Fiscal 2020 Results
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Michaels Cos. (MIK) Misses Q1 EPS by 57c, Revenues Miss
June 4, 2020 7:02 AM EDTMichaels Cos. (NASDAQ: MIK) reported Q1 EPS of ($0.43), $0.57 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $799.9 billion versus the consensus estimate of $1.03 billion.
First Quarter Fiscal 2020:
The 27% decline in sales for the first quarter of fiscal 2020 compared to the prior year period was due to temporary store closures as a result of the COVID-19 pandemic. Sales related to 11 additional Michaels stores (net of closures) since the end of the first quarter of fiscal 2019 and an increase in e-commerce sales of $118.8 million or nearly 300%, partially offset the decline. Total... More