Michaels turns in strong Q3
Michaels Cos. reported third-quarter income and sales that beat Street expectations.
The arts and crafts retailer reported that its net income increased 5.0% to $83.8 million in the quarter ended Nov.3. Adjusted net income for the third quarter of fiscal 2018 was $79.8 million. Earnings per share came in at $0.50, an increase of 13.6% compared to the year-ago period. Adjusted earnings per share was $0.48, beating estimates of $0.44.
Net sales increased 2.7% to $1.27 billion, better than expected, amid the opening of 19 stores during the quarter. (The sales increase was partially offset by the closure of all 94 full-size Aaron Brothers stores in the first quarter of fiscal 2018.) Same-store sales rose 3.8%.
“We have invested significantly this year to create an easier shopping experience for customers, and we believe these improvements will strengthen our leadership position in the arts & crafts industry and help us deliver our revenue and earnings expectations for the year, said Chuck Rubin, chairman and CEO.
At the end of the third quarter, the company operated 1,256 Michaels stores and 36 Pat Catan’s stores.
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