Michaels Companies Q1 Profit Rises, Backs 2015 Outlook - Quick Facts

(RTTNews) - Michaels Companies, Inc. (MIK) reported that first-quarter net income increased to $67 million or $0.32 per share from $47 million or $0.25 per share in the prior-year quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 2.4 percent to $1.08 billion from $1.05 billion in the same quarter last year. Wall Street expected revenues of $1.08 billion for the quarter. Net sales increased 3.6 percent on a constant currency basis.

Comparable store sales increased by 0.3 percent or 1.4 percent on a constant currency basis.

Looking ahead to the second quarter, the company expects comparable store sales to be up 1 to 2 percent or 2.3 to 3.3 percent on a constant currency basis.

For fiscal 2015, the company continues to expect earnings in the range $1.65 to $1.71 per share, on projected total net sales growth of 3.2 to 3.7 percent or 4.4 to 4.9 percent on a constant currency basis and a comparable store sales increase of 1.5 to 2.0 percent or 2.7 to 3.2 percent on a constant currency basis.

Street is currently looking for full-year 2015 earnings of $1.71 per share on annual revenue growth of 3.9 percent to $4.93 billion.