In the last trading session, the stock price of Michaels Companies Inc (NASDAQ:MIK) gained more than 1% to close the day at $24.19. The gains came at a share volume of 1.72 million compared to average share volume of 2.28 million. A couple of months ago, the company issued financial report for the third quarter closed October 28, 2017.
Chuck Rubin, the CEO and Chairman of Michaels Companies, expressed that they are delighted they recorded operating income for the third quarter in-line with their projection and diluted EPS above their projection. They are witnessing pleasant momentum in their operations, discounting the disruption led from the hurricanes, and they are thrilled by the client’s response to the enhancements they have recorded, both online and in-stores, to make it easier for clients to MAKE.
As they enter in the fourth quarter, they consider their holiday assortment is better and bigger than ever, and their teams are set to serve consumers, both online and in stores. They are delighted with the impressive start to the quarter, although they note the core of the season still remains ahead. The company is thrilled about their plans, and they are assured the investments they have made to establish an easier, more extensive omnichannel experience will lead continued momentum and offer stronger financial report.
Net sales came at $1,240.2 million as compared to $1,227.2 million in Q3 FY2016, inclusive of a projected $10 million in lost sales linked to Hurricanes Irma and Harvey. The jump in net sales was mainly a result of a 1% jump in comparable store sales and sales from the operation of sixteen new Michaels stores in FY2017. As anticipated, this jump was partly offset by reduced wholesale revenues. Michaels Companies reported that gross profit came at $484.1 million as compared to $466.6 million in the Q3 2016.