Thursday, June 14, 2018

Michaels Q1 earnings top Street; outlook disappoints

Chain Store Age
The Michaels Companies Inc. beat first-quarter profit expectations, but missed on same-store sales and provided a downbeat second-quarter outlook.

Revenue inched down to $1.156 billion from $1.159 billion, beating estimates of $1.151 billion. Same-store sales edged up 0.4%, less than expected, with an increase in the average amount of a transaction partially offset by a decrease in customer transactions.. . . more