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.