Michaels: Fiscal 2nd quarter earnings snapshot

IRVING, Texas — Michaels Cos. today reported a fiscal second-quarter loss of $7.8 million, after reporting a profit in the same period a year earlier.

The company said it had a loss of 5 cents per share. Earnings, adjusted for non-recurring costs and pretax expenses, came to 30 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.

The arts and crafts store operator posted revenue of $1.15 billion in the period.

Michaels shares have increased 39% since the beginning of the year. The stock has more than doubled in the past 12 months.

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