Michaels Stores beats by $0.06, reports revs in-line; guides 2H15 EPS in-line
Reports Q2 (Jul) adj. earnings of $0.15 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 4.9% year/year to $948 mln vs the $943.05 mln consensus.
- Comparable store sales increased by 3.2% or 3.6% on a constant currency basis.
- Gross profit grew 40 basis points to 37.7% of net sales compared to 37.3% of net sales in the second quarter of fiscal 2013. The improvement was driven by occupancy cost leverage, the timing of store remodel costs and lower costs of shrink and damages, partially offset by slightly higher merchandise costs and increased freight and distribution costs.