The Michaels Companies Inc. (NASDAQ:MIK) came out with fourth-quarter and full-year figures Tuesday morning.
The craft materials company, based in Irving, Texas, reported diluted earnings per share for the fourth quarter of fiscal 2018 of $1.15, an increase of 3.6% compared to $1.11 per diluted share in the fourth quarter of fiscal 2017.
Excluding restructure charges connected with store closures, adjusted diluted earnings per share for the fourth quarter of fiscal 2018 was $1.44, compared to $1.19 in the fourth quarter of 2017, an increase of 21.0%.
"A few weeks ago, I joined The Michaels Companies, a retailer I have long admired as a customer," said Mark Cosby, Interim CEO. "While I am still getting to know the customer, the operations and the team, I am excited about the long-term opportunities we have to engage with makers of all experience levels and expand our leadership position within the arts and crafts retail industry."
Net sales were $1,789.1 million, compared to $1,890.6 million in the fourth quarter of fiscal 2017. The decrease in net sales in the fourth quarter of fiscal 2018 was primarily due to the extra week in the fourth quarter of fiscal 2017. Operating income was $273.2 million, compared to $354.3 million in the fourth quarter of fiscal 2017.
Net income was $181.4 million, compared to $203.0 million in the prior-year quarter.
Net sales in the full-year were $5,271.9 million, compared to $5,362.0 million in fiscal 2017. Net income was $319.5 million, compared to $390.5 million in fiscal 2017.
Shares advanced $1.18, or 10%, to $12.97
