Michaels Companies Falls 12% On Q1 Earnings
Michaels Companies (NASDAQ: MIK) reported quarterly earnings of 31 cents per share, which met the analyst consensus estimate. This is a 20.51-percent decrease over earnings of 39 cents per share from the same period last year.
Michaels Companies reported quarterly sales of $1.094 billion, which missed the analyst consensus estimate of $1.11 billion. This is a 5.36-percent decrease over sales of $1.156 billion the same period last year.
“While our first quarter results were within our range of expectations for the quarter, we are not satisfied and are taking steps to improve our performance,” said Mark Cosby, interim CEO of Michaels Companies in a press release. “Our team is focused on improving our current sales trend, executing against our key priorities to build momentum in the second half of fiscal 2019, and refreshing our long-term growth strategy to deliver stronger growth in 2020 and beyond."
Michaels Companies traded down 12.2 percent to $8.18 per share in Thursday's pre-market session.
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