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Michaels cuts guidance after weak results

Dec. 06, 2016 7:36 AM ETThe Michaels Companies, Inc. (MIK) StockBy: Clark Schultz, SA News Editor
  • Michaels (NASDAQ:MIK) cuts full-year EPS guidance to a range of $1.86 to $1.90 vs. $1.92 to $1.98 prior and $1.95 consensus.
  • The retailer expects Q4 EPS of $0.94 to $0.98 vs. $0.99 consensus.
  • During Q3, gross margin fell to 38% of sales to miss the estimate of analyst. A higher mix of promotions was a factor. SG&A expenses came in at 26.1% of sales. Operating income fell 140 bps Y/Y to 11.9%.
  • "We are disappointed our plans did not result in expected comp and earnings growth, and we have taken steps to position the fourth quarter for better performance," says CEO Chuck Rubin.
  • Previously: The Michaels Companies misses by $0.03, misses on revenue (Dec. 6)
  • MIK -6.42% premarket to $22.75.

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The Michaels Companies, Inc.