Tuesday, June 6, 2017

Michaels Q1 earnings, sales miss as competition heats up

Increased online and offline competition is giving arts and crafts leader Michaels Cos. a run for its money.
 
The company's profit fell 20% to $67 million in the first quarter ended April 29, down from $85 million a year ego. Its results missed analysts' expectations. 
 
Total sales were flat at $1.16 billion, also less than expected. Same-store sales fell 1.2%.. . . more

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