Michaels: Fiscal 2Q Earnings Snapshot
IRVING, Texas (AP) _ Michaels Cos. (MIK) on Thursday reported fiscal second-quarter profit of $27.5 million.
On a per-share basis, the Irving, Texas-based company said it had net income of 15 cents.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The arts and crafts store operator posted revenue of $1.05 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $1.06 billion.
Michaels shares have fallen 17 percent since the beginning of the year. The stock has declined 11 percent in the last 12 months.