Thursday, June 6, 2019

Michaels crafts Q1 results that meet expectations; will open 20 net stores

Chain Store Age
The Michaels Companies Inc. met its own guidance and analyst projections with its first-quarter sales and EPS results, and has store expansion plans.

During the first quarter of fiscal 2019, Michaels reported net sales of $1.09 billion, down 5% from $1.15 billion in the first quarter of fiscal 2018 and within the company’s previously released guidance.

According to Michaels, the decrease in net sales was primarily due to the closure of the Pat Catan’s and the Aaron Brothers stores during fiscal 2018 and a 2.9% decline in same-store sales. Net income was a bright spot, rising 40% to $37.7 million from $26.9 million the prior year period.. . . more