- The Michaels Companies (NASDAQ:MIK) reports comparable sales growth of 0.6% in Q2 vs. -0.9% consensus estimate. An increase in transactions during the quarter helped to offset a drop in average price per ticket.
- Gross profit as a percentage of sales rose 70 bps to 37.5%. SG&A expenses as a percentage of sales increased 70 bps to 29.3% of sales. Operating income was flat at 8.2% of sales.
- The retailer expects full-year sales growth of 2.8% to 3.8% and FY18 EPS of $2.11 to $2.16 vs. $2.08 consensus.
- Previously: The Michaels Companies beats by $0.03, beats on revenue (Aug. 24)