Michaels Sees Q4 Sales Above View - Quick Facts

(RTTNews) - Arts-and-crafts retailer Michaels Companies, Inc. (MIK) reported that net sales for the eleven week period from November 2, 2014 to January 17, 2015 increased 3.5 percent and comparable store sales increased 1.5 percent from the prior-year period.

For the fourth quarter of fiscal 2014, Michaels expects net sales in a range of $1.599 billion to $1.605 billion, with comparable store sales range growth of 0.8 percent to 1.2 percent. The company projects fourth-quarter operating income of $286 million to $291 million, including an estimated $0.7 million in expenses related to the secondary offering.

While reporting its financial results for the third quarter in November, the company said it expects fourth-quarter earnings of $0.71 to $0.73 per share and sales growth of 1.3 to 2.3 percent. Analysts currently estimate earnings of $0.75 per share for the quarter.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.73 per share for the quarter on revenues of $1.59 billion. Analysts' estimates typically exclude special items.