Michaels earnings jump in Q3

Irving, Texas - Net income increased 36% to $64 million in the third quarter of fiscal 2014 compared to $47 million in the same quarter last year at The Michaels Companies. A decrease in selling, general and administrative (SG&A) expenses helped boost profits.

Net sales increased by 1% to $1.13 billion from $1.12 billion, while same-store sales decreased by 0.8%. Michaels plans to open two new stores in the fourth quarter of fiscal 2014.

Looking ahead, Michaels raised its earnings per share guidance for the full fiscal year 2014, and also expects net sales to increase for the fourth quarter and full fiscal year.

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