Michaels Companies Inc. MIK, -0.73% reported Thursday fiscal fourth-quarter profit and sales that rose above expectations, a day after the arts-and-crafts retailer announced a deal to be acquired by Apollo Global Management Inc. APO, -0.60% in a deal valued at $3.3 billion. Net income for the quarter to Jan. 30 rose to $255.1 million, or $1.72 a share, from $181.7 million, or $1.24 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to $1.69 from $1.29, to beat the FactSet consensus of $1.47. Net sales grew 11.3% to $1.92 billion, above the FactSet consensus of $1.84 billion, as same-store sales growth of 12.9% beat expectations of a 9.2% rise. Michaels had said on Wednesday that in light of the merger agreement, it wouldn’t host a post-earnings conference call. The stock, which slipped 0.1% in premarket trading after soaring 22.2% on Wednesday, has rocketed 456.8% over the past 12 months, while the S&P 500 SPX, -0.28% has gained 22.0%.
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