Arts and crafts retailer Michaels (NASDAQ:$MIK) released its second quarter earnings on Thursday, August 24th. The results of the company’s second quarter had surpassed average analysts’ expectations. As a result, Michaels’ stock has increased. As of 12:23 PM EDT on Thursday, August 24th, Michaels’ stock has gone up as much as 12.44%.

For its second quarter, Michaels saw earnings of $35.6 million. Revenue for the quarter was $1.07 billion and net income was $0.19 per share. Both revenue and earnings per share had exceeded the expectations of several analysts. According to analysts surveyed by Zacks Investment Research, average expectation for revenue was $1.06 billion and average expectations for earnings per share was $0.16. Based on the positive numbers of this quarter, Michaels has posted an expectation of $2.11 to $2.16 earnings per share in full-year earnings.

The strength of Michaels’ quarterly earnings report is exactly what was needed to give the company a little boost. Similar to a number of its peers, Michaels has been struggling for a long time in the face of rising online retail stores. Year-to-date, Michael’s stock has gone down by 4%. In the past year, Michael’s stock has decreased as much as 24%.

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