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Michaels beats Street in Q1; shifts CFO
Specialty arts and crafts retailer The Michaels Companies Inc. exceeded Wall Street expectations for profit and sales in a generally strong first quarter of fiscal 2016.
Michaels reported net income of $70.76 million, a 6% increase from $66.74 million the same quarter a year earlier. Improvements in gross profit helped boost net income.
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Lower costs equal higher Q4 profits at Casey’s; store growth planned
Casey’s General Stores Inc. reported increased net income and decreased revenue during the fourth quarter of fiscal 2016.
The retailer also said it plans to build or acquire 77 to 116 new stores, among other goals for fiscal 2017.
In the fourth quarter, Casey’s reported net income of $47.04 million, up 14% from $41.34 million the same period the prior year. Total revenue fell 4% to $1.58 billion, from $1.65 billion. A significant reduction in cost of goods sold offset increases in operating and other expenses, resulting in higher profits.
