Shares of Michaels Companies (NASDAQ: MIK) soared as much as 21% on Wednesday after the arts and crafts Company delivered better-than-expected second quarter earnings and revenue.
Michaels came out with earnings of USD 0.19 per share for the period ended August 3, topping the average analyst estimate of USD 0.14 per share. The Company posted earnings of USD 0.15 per share in the year quarter prior.
Sales took a near 2% dip year-over-year to USD 1.03 Billion, but still beat Wall Street’s expectations of USD 1.02 Billion for the period. Michaels also said same-store sales rose 0.3%, ahead of its own forecast of flat to down 1.5%.
Looking forward, Michaels is aiming to increase customer engagement through personalized email marketing. “Today around 1% of our emails are personalized and our goal is to move toward personalizing 15% of our emails by the end of this year,” the Company said.
For its third quarter of fiscal 2019, Michaels expects adjusted earnings to come in at between USD 0.46 and USD 0.51 per share. Same-store-sales should be about flat to up to 1%.
The Irving, Texas-based Company said it will also open 13 new stores, 11 of which will be rebranded from Pat Catan’s to Michaels. The Company acquired 36 arts and crafts retail stores located primarily in the Midwest under the Pat Catan’s brand name in 2016. All stores will now be closed or reopened under the Michaels banner.
Michaels is forecasting sales of between USD 5.16 Billion and USD 5.19 Billion for the full-year. Adjusted earnings per share is expected to be between USD 2.31 and USD 2.42.
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