Last $17.91 USD
Change Today -0.10 / -0.56%
Volume 380.4K
MIK On Other Exchanges
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As of 8:10 PM 09/16/14 All times are local (Market data is delayed by at least 15 minutes).

michaels cos inc/the (MIK) Snapshot

Open
$18.10
Previous Close
$18.01
Day High
$18.25
Day Low
$17.77
52 Week High
09/16/14 - $18.25
52 Week Low
08/1/14 - $14.51
Market Cap
3.7B
Average Volume 10 Days
638.3K
EPS TTM
$1.45
Shares Outstanding
204.0M
EX-Date
--
P/E TM
12.4x
Dividend
--
Dividend Yield
--
Current Stock Chart for MICHAELS COS INC/THE (MIK)

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michaels cos inc/the (MIK) Details

The Michaels Companies, Inc. owns and operates a chain of arts and crafts specialty retail stores in North America. The company’s stores offer approximately 36,000 stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children's hobbies. As of August 2, 2014, it owned and operated 1,147 Michaels stores in 49 states and Canada; and 117 Aaron Brothers stores. In addition, the company, through its subsidiary, Artistree, manufactures precut mats and custom framing merchandise. The Michaels Companies, Inc. was founded in 2013 and is based in Irving, Texas.

11,300 Employees
Last Reported Date: 06/27/14
Founded in 2013

michaels cos inc/the (MIK) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: $930.8K
Chief Financial Officer and Chief Administrat...
Total Annual Compensation: $706.5K
Executive Vice President of Category Manageme...
Total Annual Compensation: $429.5K
Executive Vice President of Supply Chain
Total Annual Compensation: $389.7K
Compensation as of Fiscal Year 2013.

michaels cos inc/the (MIK) Key Developments

The Michaels Companies, Inc. Presents at Goldman Sachs 21(st) Annual Global Retailing Conference, Sep-04-2014 02:25 PM

The Michaels Companies, Inc. Presents at Goldman Sachs 21(st) Annual Global Retailing Conference, Sep-04-2014 02:25 PM. Venue: The Plaza Hotel, New York, New York, United States. Speakers: Carl S. Rubin, Chief Executive Officer and Director.

The Michaels Companies, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 2, 2014; Provides Earnings Guidance for the Second Half and Fiscal Year 2015; Expects to Open Approximately 32 Net New Stores in the Fiscal Year 2015

The Michaels Companies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended August 2, 2014. For the second quarter, the company reported net sales of $948 million compared to $904 million a year ago. Loss before income taxes was $77 million compared to income before tax of $24 million a year ago. Net loss was $48 million or $0.26 per diluted share compared net income of $17 million or $0.09 per diluted share a year ago. Operating income was $52 million compared to $71 million a year ago. EBITDA (excluding losses on early extinguishment of debt and refinancing costs) was $78 million compared to $95 million a year ago. Adjusted EBITDA was $120 million compared to $117 million a year ago. Adjusted net income was $30 million or $0.15 per diluted share compared to $21 million or $0.10 per diluted share a year ago. Capital expenditures were $34 million, up from $28 million in the same time period last year, primarily due to improvements made in the stores as part of refresh program. Through the second quarter, approximately $33 million was invested in the build-out and maintenance of stores, including new, relocated and existing stores. Cash flow used by operations for the quarter was $50 million versus $28 million for the second quarter last year. Adjusted operating income was $86 million compared to $74 million a year ago. For the six months, the company reported net sales of $2,000 million compared to $1,897 million a year ago. Income before income taxes was $5 million compared to $98 million a year ago. Net loss was $3 million or $0.02 per diluted share compared net income of $63 million or $0.35 per diluted share a year ago. Operating income was $191 million compared to $199 million a year ago. Net cash used in operating activities was $124 million compared to $26 million a year ago. Additions to property and equipment were $65 million compared to $50 million a year ago. EBITDA (excluding losses on early extinguishment of debt and refinancing costs) was $244 million compared to $248 million a year ago. Adjusted EBITDA was $299 million compared to $282 million a year ago. Adjusted net income was $83 million or $0.40 per diluted share compared to $73 million or $0.35 per diluted share a year ago. Adjusted operating income was $228 million compared to $206 million a year ago. The company provided earnings guidance for the second half and fiscal year 2015. For the second half, the company expected adjusted earnings per share in the range of $0.98 to $1.02. Operating income for the second half of the year is anticipated to be $408 million to $421 million. The effective tax rate is expected to be approximately 37.5%. For the fiscal year, the company expected adjusted earnings per share in the range of $1.38 to $1.42. This guidance is based on opening 21 Michael’s stores in the second half of fiscal 2014, total annual sales growth of 1% to 2% and adjusted operating income of $636 to $649 million for 2014. The effective tax rate is expected to be approximately 38% for the full fiscal year 2014. Adjusted interest expense for the year is forecast to be approximately $176 million, with interest expense at $42 million for each of the third and fourth quarters. For the full year of fiscal 2015, the company expects to open approximately 32 net new stores.

The Michaels Companies, Inc. Appoints James E. Sullivan as Vice President - Chief Accounting Officer and Controller

On August 12, 2014, James E. Sullivan, was appointed Vice President - Chief Accounting Officer and Controller of The Michaels Companies, Inc. Mr. Sullivan assumes the role of principal accounting officer from Jennifer N. Robinson, who has held the role of principal accounting officer since June 2011. Ms. Robinson will continue to serve the company as Vice President - Business Planning & Analysis. Mr. Sullivan, 50, previously served as Vice President -Finance from June 2014. Prior to joining the company, he was Controller and Chief Accounting Officer at Zale Corporation from June 2009 to June 2014. Mr. Sullivan will continue to participate in the usual compensation and benefit programs available to a Vice President level officer of the company.

 

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