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Michaels Cos. stock soars 4% premarket as quarterly earnings beat offsets soft guidance

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Michaels Cos. stock soars 4% premarket as earnings beat offsets soft guidance

Michaels Cos. Inc. shares MIK, +0.94% rose 4.3% in premarket trade Tuesday, as better-than-expected quarterly earnings offset guidance that was below consensus. The Irving, Texas-based arts and crafts retail chain said it had net income of $181.4 million, or $1.15 a share, in its fiscal fourth quarter to Feb. 2, down from $202.9 million, or $1.11 a share, in the year-earlier period. Excluding restructuring charges and a tax adjustment, EPS came to $1.44, ahead of the $1.42 FactSet consensus.

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