The Michaels Companies fiscal 1Q sales miss Street expectations as retailer trims full-year profit outlook
Thursday, 6 June 2019 The Michaels Companies Inc (NASDAQ:MIK) on Thursday reported fiscal first-quarter sales that missed Wall Street expectations. The Irving, Texas-based arts and crafts retailer also trimmed its full-year profit outlook. “While our first quarter results were within our range of expectations for the quarter, we are not satisfied and are taking steps to improve our performance,” said Mark Cosby, Interim CEO. “Our team is focused on improving our current sales trend, executing against our key priorities to build momentum in the second half of fiscal 2019, and refreshing our long-term growth strategy to deliver stronger growth in 2020 and beyond.” Sales fell to $1.09 billion from $1.16 billion, falling short of the consensus estimates of $1.11 billion. Same-store sales dropped 2.9%, compared with expectations of a 1.4% decline, the company said. READ: J.Jill brings in $177 million in revenue in 1Q The company, however, saw improving net income for the quarter ended May 4. Net income increased to $32.9 million, or $0.24 a share, from $19.8 million, or $0.15 a share, in the year-ago period. For the full year, Michaels Companies now sees earnings of $2.29 to $2.41 per share, down from a previous outlook of $2.34 to $2.46 per share. The company affirmed its net sales outlook of $5.19 billion to $5.24 billion for the rest of 2019. In the wake of the earnings announcement, Michael Companies’ stock recently traded down 11.7% to $8.25 a share. Contact the author: [email protected] Follow him on Twitter @PatrickMGraham
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