WMT - Michaels: Q2 Impresses But More Work To Be Done
The Michaels Companies (MIK) reported their Q2 earnings just over one week ago, delivering a beat across their top and bottom line. Revenue in the quarter came in at $1.03 billion, while the company posted earnings per share of $0.19 (vs. $0.14 consensus estimate).
EBIT in the quarter came in at $75m on a non-GAAP basis, growing by ~6% YoY. In Q2, the arts & crafts retailer saw their shares downgraded by analysts at Bank of America and Telsey Advisory Group, based on competition concerns and impacts from tariffs.
In spite of