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Michaels Cos. profit beats consensus by 15.5% in fiscal Q3

Michaels Cos. Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 came to 30 cents per share, compared with the S&P Capital IQ consensus estimate of 26 cents per share.

EPS increased 18.5% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $62.5 million, a gain of 37.0% from $45.6 million in the prior-year period.

The normalized profit margin climbed to 5.5% from 4.1% in the year-earlier period.

Total revenue rose year over year to $1.13 billion from $1.12 billion, and total operating expenses totaled $988.0 million, compared with $983.0 million in the prior-year period.

Reported net income grew 37.9% on an annual basis to $64.2 million, or 31 cents per share, from $46.5 million, or 26 cents per share.