Michaels Stores Falls To Loss In Q2 - Quick Facts

(RTTNews) - Michaels Stores Inc. (MIK) Wednesday reported loss for the second quarter compared with a profit last year, as it suffered losses on early extinguishment of debt and refinancing costs, which amounted to $68 million. The company posted net loss of $48 million or $0.26 per share versus a net profit of $17 million or $0.09 per share last year. Excluding IPO costs, related party/sponsor fees, debt refinancing costs and interest expense based on the company's debt refinancing, earnings totaled $30 million or $0.15 per share. On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items. Quarterly sales were up 4.9 percent to $948 million from $904 million last year, with comparable store sales rising 3.2 percent. Wall Street expected revenues of $942.99 million for the period. Looking ahead, for the fiscal 2014, the company expects adjusted earnings per share in the range of $1.38 - $1.42, on total annual sales growth of 1 to 2 percent.