Why The Michaels Companies Stock Jumped Today
Arts and crafts retailer The Michaels Companies (NASDAQ: MIK) reported second-quarter results on Thursday morning, and investors welcomed the business update with open arms. Shares jumped as much as 23.6% higher before settling down to a more modest 12.3% gain as of 12:22 p.m. EDT.
In the second quarter, Michaels saw sales rise 1% year over year to $1.07 billion. Adjusted earnings increased by 12%, landing at $0.19 per diluted share. Analysts would have settled for earnings of $0.16 per share on sales of $1.06 billion. The store network expanded by a net 10 new locations compared to the year-ago period, and comparable-store sales increased by 0.6%.
Image source: The Michaels Companies.
Source: Fool.com
