Michaels Companies Inc (NASDAQ:MIK) stock was flying high today following record sales in the third quarter of 2017.
Net sales of $1.24 billion for the third quarter of the year was good news for MIK stock. Michaels Companies Inc notes that its net sales were $10 million lower due to the recent hurricanes. Despite this, net sales were still up from the $1.23 billion reported in the same period of the year prior. However, they did come in below Wall Street’s net sales estimate of $1.26 billion for the quarter.
MIK stock got a boost today from earnings per share of 44 cents for the third quarter of 2017. This is an increase over Michaels Companies Inc’s earnings per share of 40 cents from the same time last year. It also just beat out Wall Street’s earnings per share estimate of 43 cents for the third quarter of the year.
Michaels Companies Inc also provided its outlook for the full year of 2017 in its most recent earnings report. It is expecting earnings per share for the year to range from $2.13 to $2.16. Wall Street is estimating earnings per share of $2.14 for the year.
Michaels Companies Inc notes that it is expecting net sales growth between 2.9% and 3.2% for the full year of 2017. It is also expecting comparable store sales to increase by 0.6% to 0.9% for the period. Plus, it is looking for operating income to range from $735 million to $745 million in 2017.
MIK stock was up 12% as of Thursday afternoon, but is down 6% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
