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The Michaels Companies (NASDAQ: MIK) shares down on Q1 revenue and sales miss

  • Texas-based company delivers $0.31 adjusted EPS
  • $92.7mn operating income, $1.09bn net sales
  • Revises FY2019 guidance to account for higher rate tariffs
  • Shares 0.95% lower in premarket

The Michaels Companies Inc (NASDAQ: MIK) said it was “not satisfied” with its performance in Q1 after non-GAAP EPS ($0.31) and revenue ($1.09 billion) missed by 6 cents and $20 million respectively. The speciality retail company also reported a 2.9% decline in comparable sales.

Interim CEO Mark Cosby said: “Our team is focused on improving our current sales trend, executing against our key priorities to build momentum in the second half of fiscal 2019, and refreshing our long-term growth strategy to deliver stronger growth in 2020 and beyond.”