Michaels Stores

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The Michaels Companies reported better-than-expected earnings for the fourth quarter and also issued an upbeat forecast for 2017.   Michaels reported net income of $193.5 million for the quarter ended January 28, up 6.3% from $183.7 million in the year-ago period.    Net sales increased 4.1% to $1.8 billion, from $1.7 billion in the year-ago period. The company attributed the increase largely to its February 2016 acquisition of Lamrite West and sales from 19 additional stores.  

Michaels came up short in the third quarter, posting earnings and revenue that missed analysts’ forecasts.   The art and craft retailer reported third-quarter adjusted earnings of 40 cents per diluted share, missing analysts' estimates of 43 cents per share.   Net sales increased 5.0% to $1.227 billion, primarily a result of the acquisition of Lamrite West in February 2016 and sales from 19 additional stores.