-=Michaels Stores (MIK) reported earnings on Thur 3 Dec 20 (b/o)

 

Michaels Stores beats by $0.27, beats on revs; Q3 comps +16.3%; not providing guidance

Reports Q3 (Oct) earnings of $0.86 per share, excluding non-recurring items, $0.27 better than the S&P Capital IQ Consensus of $0.59; revenues rose 15.1% year/year to $1.41 bln vs the $1.39 bln S&P Capital IQ Consensus.

The 15.1% increase in sales for the third quarter of fiscal 2020 compared to the same period in the prior year was due to a 16.3% increase in comparable store sales and sales related to additional stores opened (net of closures) since the end of the third quarter of fiscal 2019, partially offset by a sales decline due to the closure of our wholesale business. "

Given the continued uncertainty due to the COVID-19 pandemic, including a dynamic and uncertain outlook for consumer spending patterns and associated government policies, the Company is not providing any formal guidance at this time.