Brokerages Expect Michaels Companies Inc (NASDAQ:MIK) Will Announce Quarterly Sales of $1.01 Billion
Brokerages expect Michaels Companies Inc (NASDAQ:MIK) to report $1.01 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Michaels Companies’ earnings, with estimates ranging from $992.22 million to $1.03 billion. Michaels Companies posted sales of $1.05 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 3.8%. The firm is scheduled to announce its next quarterly earnings results on Thursday, August 29th.
According to Zacks, analysts expect that Michaels Companies will report full year sales of $5.17 billion for the current year, with estimates ranging from $5.15 billion to $5.20 billion. For the next fiscal year, analysts forecast that the business will report sales of $5.25 billion, with estimates ranging from $5.20 billion to $5.31 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Michaels Companies.
Michaels Companies (NASDAQ:MIK) last announced its quarterly earnings data on Thursday, June 6th. The specialty retailer reported $0.31 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.11 billion. Michaels Companies had a net margin of 6.34% and a negative return on equity of 22.82%. Michaels Companies’s revenue was down 5.3% on a year-over-year basis. During the same period last year, the firm posted $0.39 EPS.
Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC grew its stake in shares of Michaels Companies by 29.9% during the 1st quarter. FMR LLC now owns 2,699,700 shares of the specialty retailer’s stock worth $30,831,000 after purchasing an additional 620,679 shares during the period. Weiss Asset Management LP acquired a new stake in Michaels Companies in the 1st quarter valued at $136,000. Nordea Investment Management AB grew its stake in Michaels Companies by 5.9% in the 1st quarter. Nordea Investment Management AB now owns 693,515 shares of the specialty retailer’s stock valued at $7,919,000 after acquiring an additional 38,578 shares during the period. Cerebellum GP LLC acquired a new stake in Michaels Companies in the 1st quarter valued at $154,000. Finally, Marshall Wace North America L.P. acquired a new stake in Michaels Companies in the 1st quarter valued at $102,000.
Shares of Michaels Companies stock traded up $0.22 during midday trading on Friday, hitting $8.48. The company had a trading volume of 2,799,123 shares, compared to its average volume of 3,071,837. The stock has a market capitalization of $1.31 billion, a PE ratio of 3.61, a price-to-earnings-growth ratio of 0.57 and a beta of 1.10. The business has a fifty day moving average price of $8.71. Michaels Companies has a 12-month low of $7.39 and a 12-month high of $21.11.
Michaels Companies Company Profile
The Michaels Companies, Inc owns and operates arts and crafts specialty retail stores for Makers and do-it-yourself home decorators in North America. It operates Michaels stores that offer approximately 45,000 stock-keeping units (SKUs) in crafts, home decor and seasonal, framing, and paper crafting; and Aaron Brothers stores, which offer approximately 5,600 SKUs, including photo frames, a line of ready-made frames, art prints, framed art, art supplies, and custom framing services.
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