=Michaels Stores (MIK) reported earnings on Wed 4 Sept 19 (b/o)

Michaels Stores beats by $0.05, beats on revs; guides Q3 EPS above consensus; raises FY20 EPS/comps guidance; lowers FY20 revenue guidance; Q2 comps +0.3%

Reports Q2 (Jul) earnings of $0.19 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $0.14; revenues fell 1.9% year/year to $1.03 bln vs the $1.02 bln S&P Capital IQ Consensus.

Comparable store sales increased 0.3%

Co issues upside guidance for Q3, sees EPS of $0.46-0.51, excluding non-recurring items, vs. $0.46 S&P Capital IQ Consensus. Q3 omparable store sales to be flat to up 1.0%

Co issues in-line guidance for FY20, lowers EPS to $2.31-2.42 from $2.29-2.41, excluding non-recurring items, vs. $2.34 S&P Capital IQ Consensus; sees FY20 revs of $5.16-5.19 bln from $5.19-5.24 bln vs. $5.19 bln S&P Capital IQ Consensus. FY20 Comparable store sales will be approximately flat (prior guidance flat to down 1.5%)