Michaels Companies Posts Higher Q3 Profit - Quick Facts

(RTTNews) - Michaels Stores Inc. (MIK) reported that its third-quarter net income increased 36.2% to $64 million from $47 million last year. In the third quarter of fiscal 2014, earnings per share were up 19.2% to $0.31 from $0.26 in the third quarter of fiscal 2013. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales increased by 1.1% to $1.13 billion from $1.12 billion in the third quarter of fiscal 2013; while comparable-store sales were down by 0.8% or down 0.2% on a constant currency basis. Wall Street expected revenues of $1.09 billion for the period. This anniversaries the comparable store sales increase of 7.9% in the third quarter of fiscal 2013, which was significantly impacted by the success of the Rainbow Loom product.