Michaels earnings for the first quarter of 2019 have the stock taking a beating on Thursday.
Michaels (NASDAQ:MIK) is reporting revenue of $1.09 billion for the first quarter of the year. This is a drop from the company’s revenue of $1.16 billion reported during the same time last year. It was also a blow to MIK stock by missing Wall Street’s revenue estimate of $1.11 billion for the quarter.
The Michaels earnings report for the first quarter of 2019 also includes earnings per share of 31 cents. This is down from the company’s earnings per share of 39 cents from the first quarter of 2018. However, it does manage to match analysts’ earnings per share estimate for the period. Despite this, it couldn’t stop MIK stock from falling today.
Michaels earnings for the first quarter of the year also has net income coming in at $37.69 million. That’s an increase over the company’s net income of $26.89 million reported in the same period of the year prior.
Operating income reported in the Michaels earnings report for the first quarter of 2019 comes in at $92.73 million. The company’s operating income from the first quarter of the previous year was $78.94 million.
The most recent Michaels earnings report also includes its outlook for 2019. The company is expecting earnings per share between $2.29 and $2.41 on revenue ranging from $5.19 billion to $5.24 billion. Wall Street is looking for earnings per share and revenue of $2.44 and $5.21 billion for the year.
MIK stock was down 12% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.