Why Michaels Companies' Stock Crashed Today
Shares of Michaels Companies (NASDAQ: MIK) crashed hard on Thursday, following the release of weak third-quarter results. The stock closed on Thursday 15.6% lower.
In the third quarter, Michaels saw comparable-store sales falling 2.2% year over year, far below the essentially flat guidance target. Top-line sales fell 4% to $1.22 billion, and adjusted earnings came in 17% lower at $1.40 per diluted share. Analysts had been expecting earnings near $1.48 per share, on revenue closer to $1.27 billion.
Michaels stores weren't quite this empty in the third quarter. Image source: Author.
Source Fool.com
