=Michaels Stores (MIK) reported earnings on Wed 13 June 18 (a/h)

Michaels Stores beats by $0.01, reports revs in-line, comps +0.4%; guides Q2 EPS below consensus; reaffirms FY19 guidance 

• Reports Q1 (Apr) earnings of $0.39 per share, excluding non-recurring items, $0.01 better thanthe Capital IQ Consensus of $0.38; revenues fell 0.3% year/year to $1.16 bln vs the $1.15 bln Capital IQ Consensus.
• Comparable store sales increased 0.4% (flat on a constant currency basis) due to an increase in average ticket, partially offset by a decrease in customer transactions.
• Co issues downside guidance for Q2, sees EPS of $0.12-0.14, excluding non-recurring items, vs. $0.19 Capital IQ Consensus Estimate; expects comparable store sales to be approximately flat;
• Co reaffirms guidance for FY19, sees EPS of $2.19-2.32, excluding non-recurring items, vs. $2.32 Capital IQ Consensus Estimate; sees FY19 revs of $5.217-5.293 bln vs. $5.26 bln Capital IQ Consensus Estimate; continues to expect comparable store sales to increase between 0% and 1.5%.