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Michaels Companies Trades Higher After Q2 Earnings Beat

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Michaels Companies (NASDAQ: MIK) reported second-quarter earnings of 19 cents per share, which beat the analyst consensus estimate of 14 cents. This is a 26.67% increase over earnings of 15 cents per share from the same period last year.

The company reported quarterly sales of $1.03 billion, which beat the analyst consensus estimate of $1.02 billion. This is a 2.18% decrease over sales of $1.053 billion the same period last year.

"We are pleased to return to positive comparable store sales in the second quarter of fiscal 2019. Our teams are focused on driving sales and executing on our 2019 priorities, and the early results show the customer is responding positively," said Mark Cosby, Interim CEO of Michaels. "It is encouraging to see this early progress and we are focused on the disciplined execution of our priorities to continue to build on this early momentum."

Michaels Companies shares were trading up 22% at $6.84 in Wednesday’s pre-market session. The stock has a 52-week high of $18.04 and a 52-week low of $4.96.

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Posted-In: Earnings News Pre-Market Outlook

 

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