Friday, December 6, 2019

A downbeat Michaels crafts disappointing quarter

Chain Store Age
The Michaels Companies reported third-quarter earnings and sales that fell below analysts’ estimates and lowered its guidance for the fourth quarter and full year.

Net sales fell to $1.22 billion from $1.27 billion, missing estimates of $1.26 billion. Michaels attributed the decrease primarily due to a 2.2% decrease in comparable store sales, the closure of its Pat Catan’s stores during the fourth quarter of 2018, and a decrease in wholesale revenue. . . . more