Michaels Companies Inc (MIK) Stock Slips on Weak Guidance

Michaels Companies Inc (MIK) stock fell on Tuesday following its Q1 2016 earnings report.

Michaels, MIK stockMichaels Q1 earnings report included the company’s guidance for the second quarter of 2016. It’s expecting earnings per share to be between 16 cents and 18 cents. Analysts are estimating EPS of 21 cents for that quarter.

MIK also reported revenue of $1.16 billion for its first quarter of the year. This is an increase over the $ 1.08 billion it reported during the same time last year, but it just missed Wall Street’s estimate of $1.17 billion.

EPS reported by Michaels for Q1 2016 came in at 34 cents, which is a two penny increase from the first quarter of 2015. However, it failed to meet the 35 cents that analysts were expecting the company to report.

MIK shares were down 9% as of Tuesday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/michaels-mik-stock/.

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