Michaels Cos. profit, sales rise, will pay $10M in special holiday bonuses
The arts-and-crafts retailer posted a profit of $111.1M
IRVING, Texas -- Michaels Cos. on Thursday reported fiscal third-quarter profit of $111.1 million.
MICHAELS TO HIRE OVER 16,000 SEASONAL WORKERS FOR HOLIDAY SEASON
On a per-share basis, the Irving, Texas-based company said it had profit of 74 cents. Earnings, adjusted for one-time gains and costs, came to 86 cents per share.
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The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 59 cents per share.
Employee Nikki Bush stocks acrylic paint at a Michaels Stores Inc. location in Cincinnati, Ohio, U.S., on Monday, Dec. 9, 2013. (Luke Sharrett/Bloomberg via Getty Images)
The arts and crafts store operator posted revenue of $1.41 billion in the period.
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Michaels shares have risen 27% since the beginning of the year. The stock has climbed 31% in the last 12 months.