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This retailer’s stock gained over 20% in one day in early September after the company beat top and bottom line expectations and reported positive comparable store sales.
This strong quarter reaffirms our belief that The Michaels Companies has been unfairly lumped into the “dying retailers” category, despite evidence to the contrary. The stock is still down 50% from our original Long Idea in June 2018, and the expectations baked into this lowered valuation remain overly pessimistic in the face of the company’s strong fundamentals. Even in a highly conservative scenario, MIK offers significant upside