=Michaels Stores (MIK) earnings on Tue 19 March 19 (b/o)

Michaels Stores beats by $0.02, reports revs in-line; Q4 comps -0.4%; guides Q1 EPS below consensus; guides FY20 EPS below consensus, revs below consensus

• Reports Q4 (Jan) earnings of $1.44 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.42; revenues fell 5.4% year/year to $1.79 bln vs the $1.78 bln S&P Capital IQ Consensus.  The decrease in net sales in the fourth quarter of fiscal 2018 was primarily due to the extra week in the fourth quarter of fiscal 2017, the closure of all 94 full-size Aaron Brothers stores in the first quarter of fiscal 2018, and a 0.4% decline (flat on a constant currency basis) in comparable store sales.
• Co issues downside guidance for Q1, sees EPS of $0.28-0.33 vs. $0.40 S&P Capital IQ Consensus. Co expects Q1 comps will decrease in the low-single-digit range.
• Co issues downside guidance for FY20, sees EPS of $2.34-2.46 vs. $2.48 S&P Capital IQ Consensus; sees FY20 revs of $5.19-5.24 bln vs. $5.25 bln S&P Capital IQ Consensus. Co sees FY20 comparable store sales to increase between 0% and 1%.