MIK - Michaels Companies stock higher on Q3 beat and e-commerce growth of 128%

Michaels Companies (MIK) reports comparable store sales increased 16.3% in Q3 vs. consensus of 14.8%, driven by strong demand in both stores and e-commerce.E-commerce growth of more than 128% Y/Y was driven by enhanced and expanded omnichannel capabilities including curbside pick-up, same day delivery, ship from store, buy online, pick-up in store, or BOPIS, in-app purchases and more.Gross margin rate improved 530 bps to 41.1% vs. consensus of 35.6%. Adjusted operating margin rate up 470 bps to 14.3% vs. consensus of 10.9%.During Q4, the company announced to pay ~$10M in one-time holiday bonuses to both full-time and part-time team members for their extraordinary work this year during unprecedented times.The company refrains from providing any formal guidance due to continued uncertainty.Shares up +5.4% premarket.Previously: Michaels Companies EPS beats by $0.27, beats on revenue (Dec. 3)

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Michaels Companies stock higher on Q3 beat and e-commerce growth of 128%