Michaels Companies Inc (MIK) reported quarterly earnings results on Tuesday, Jun-7-2016. The company said it had a profit of $0.36 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.35. The company posted revenue of $1159.00 million in the period, compared to analysts expectations of $1167.11 million. The company’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.
Many Wall Street Analysts have commented on Michaels Companies Inc. Michaels Companies Inc was Downgraded by Goldman to ” Neutral” on May 6, 2016. Company shares were Reiterated by Telsey Advisory Group on Mar 18, 2016 to “Market Perform”, Firm has raised the Price Target to $ 28 from a previous price target of $26 .
Michaels Companies Inc opened for trading at $30.25 and hit $30.475 on the upside on Friday, eventually ending the session at $30.41, with a gain of 0.80% or 0.24 points. The heightened volatility saw the trading volume jump to 11,97,725 shares. Company has a market cap of $6,355 M.
In a different news, on Jun 6, 2016, Dennis A. Mullahy (EVP-Supply Chain & IT) sold 7,421 shares at $30.00 per share price. According to the SEC, on Jun 6, 2016, Carl Rubin (Chairman & CEO) sold 100,000 shares at $30.00 per share price. On May 4, 2016, Michael J Veitenheimer (EVP – General Counsel & Sec) sold 85,931 shares at $28.61 per share price, according to the Form-4 filing with the securities and exchange commission.
The Michaels Companies Inc. is an arts and crafts specialty retailer in North America. The Company owns and operates a chain of retail stores in 49 states and Canada featuring arts crafts framing floral home decor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The Company also operates a vertically integrated custom framing business. The Company provides materials project ideas and education for creative activities. The Company has approximately 35000 stock-keeping units (SKUs) in arts crafts scrapbooking floral framing home decor seasonal offerings and children’s hobbies. It has developed an online platform which promotes social networking and includes tips project ideas marketing content and information on upcoming store events. The Company’s subsidiaries include Aaron Brothers Inc. Artistree of Canada ULC and Michaels Stores Procurement Company.