Michaels’ Stock Soars After Results of Quarter Three Sales

    Author Samara MalkinPosted on Categories Retail, ConsumerTags , , , , , , , , , , , , , , , , , , , , ,
    Michaels' Stock

    Record sales for Michaels (NASDAQ:MIK) in its third quarter this year led to a surge in Michaels’ stock.

    Michael’s reported impressive net sales of $1.24 billion for its third quarter this year. While it claimed that net sales were in fact down $10 million due to the recent hurricanes, the company still managed to beat out its $1.23 billion reported in 2016’s third-quarter results. This was slightly lower than estimates though, which were at $1.26 billion for the quarter.

    Michael’s stock was boosted from earnings per share of $0.40 in 3Q16 to $0.44 for 3Q17, beating estimates of $0.43.

    Michael’s is expecting earnings per share for the year to range from $2.13 to $2.16, with outside estimates sitting at $2.14 for the year.

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    Author Samara Malkin
    About the author: Samara graduated from Simon Fraser University with a BA in English, minoring in Publishing and Creative Writing. One day she hopes to publish her very own novel, but in the meantime, she contents herself with blogging and editing. She currently specializes in writing financial news and analysis, as well as cryptocurrency news and information.