MIK - Michaels on watch as investor day begins with long-term guidance update

Michaels (MIK) posts information ahead of today's Virtual Investor Day event. The company says priorities of the Michaels Maker Strategy include strengthening the company's retail foundation and execution, as well as modernizing the omni-channel experience for Makers. The long-term financial algorithm includes average annual top-line growth in the range of 1.5% to 2.5% over the next five years and operating profit driven by strategic initiatives, improvements, and cost optimization efforts leading to low double-digit EPS growth in fiscal year 2022 and beyond.Michaels guides for cumulative free cash flow generation between FY20 and the end of FY24 approaching $2B. CEO preview: "I believe Michaels is well-positioned to serve the unmet needs of our Makers. We are excited about what we have accomplished so far and remain committed to educating, inspiring, and empowering Makers. Looking ahead, we see additional growth opportunities and upside across an expanded addressable market. By strengthening our execution

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Michaels on watch as investor day begins with long-term guidance update