Michaels Stores misses by $0.03, misses on revs; guides Q4 EPS below consensus; Q3 comps -2% vs guidance of +0.5-1.5%; authorizes $300 mln stock repurchase program:
- Reports Q3 (Oct) earnings of $0.40 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.43; revenues rose 5.0% year/year to $1.23 bln vs the $1.26 bln Capital IQ Consensus. Comparable store sales decreased 2.0% (guidance +0.5-1.5%)driven by a decrease in customer transactions, which was partially offset by an increase in average ticket.
- Co issues downside guidance for Q4, sees EPS of $0.94-0.98, excluding non-recurring items, vs. $0.99 Capital IQ Consensus Estimate; Co sees Q4 comps flat to down 1.5%.
- Gross profit increased 0.2% to $466.6 million, from $465.6 million in the third quarter of fiscal 2015.
- As a percentage of net sales, gross profit was 38.0% compared to 39.8% in the third quarter of fiscal 2015.
- In December 2016, the Board of Directors authorized the Company to purchase, from time to time, as market conditions warrant, $300 million of the Company's common stock, which is in addition to its prior repurchase authorization.
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