Michaels Co. Q1 Adj. EPS Beats Estimates

(RTTNews) - Michaels Co. Inc. (MIK) Tuesday announced an increase in first quarter net income to $70.77 million from $66.74 million in the prior year. On a per share basis, earnings were $0.34, up 6.3 percent from $0.32 a year ago. On an adjusted basis, earnings were $0.36.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.35 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased 7.5 percent to $1.158 billion from $1.077 billion in the previous year. On a constant currency the growth was 8.1 percent. Comparable store sales for the quarter was up 0.9 percent. Wall Street expects $1.17 billion.

Further, the company announced the appointment of Charles Sonsteby as vice chairman, who is currently serving as CFO. He will continue in the current role until the company names a successor.

Looking ahead to the fiscal 2016, the company expects comparable store sales increase of 2.2 to 2.7 percent. Earnings per share for the quarter is expected in a range of $1.89 to $1.97. Analysts expect $1.95 per share on revenue of $5.34 billion.

For the second quarter the company expects comps growth of $0.4 to 1.4 percent. Earnings per share is expected in a range of $0.16 to $0.18. Wall Street expects $0.21 per share on revenue of $1.07 billion.