Irving, Texas-based crafting whiz The Michaels Companies, Inc. (NASDAQ:MIK) today reported diluted earnings per share for the second quarter of fiscal 2019 of $0.16, or $0.19 per adjusted diluted share excluding a charge associated with closing the Pat Catan’s stores
This compares to diluted earnings per share for the second quarter of fiscal 2018 of $0.15, or $0.15 per adjusted diluted share excluding a charge associated with the restructure of Aaron Brothers and adjustments for early extinguishments of debt and refinancing costs.
Said interim CEO Mark Cosby, "We are pleased to return to positive comparable store sales in the second quarter of fiscal 2019. Our teams are focused on driving sales and executing on our 2019 priorities, and the early results show the customer is responding positively."
Net sales were $1,033.7 million compared to $1,053.3 million in the second quarter of fiscal 2018.
During the second quarter, the Company opened four new Michaels stores, closed two Michaels stores, and relocated one Michaels store. At the end of the second quarter of fiscal 2019, the Company operated 1,262 Michaels stores.
Gross profit was 35.5% of net sales in the second quarter of fiscal 2019 compared to 35.4% in the second quarter of fiscal 2018.
Operating income was $71.3 million compared to $74.3 million in the second quarter of fiscal 2018. This compares to adjusted operating income in the second quarter of fiscal 2018 of $71.1 million, excluding the $3.2-million gain in the quarter
Shares leaped $1.41, or 25.2%, to $7.01
