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Michaels Cos. fiscal Q4 profit climbs 16.0% YOY

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Michaels Cos. fiscal Q4 profit climbs 16.0% YOY

Michaels Cos. Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 31 amounted to 76 cents per share, compared with the S&P Capital IQ consensus estimate of 74 cents per share.

In the prior-year period, the per-share result came in at a profit of 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $158.8 million, a gain of 16.0% from $136.9 million in the fourth quarter ended Feb. 1, 2014.

The normalized profit margin increased to 9.9% from 8.8% in the year-earlier period.

Total revenue rose on an annual basis to $1.61 billion from $1.55 billion, and total operating expenses grew on an annual basis to $1.31 billion from $1.27 billion.

Reported net income increased 17.7% year over year to $155.9 million, or 75 cents per share, from $132.5 million, or 74 cents per share.

For the year, the company's normalized net income totaled $1.29 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.46.

EPS declined 7.6% from $1.40 in the prior year.

Normalized net income was $266.9 million, an increase of 7.1% from $249.3 million in the prior year.

Full-year total revenue rose on an annual basis to $4.74 billion from $4.57 billion, and total operating expenses grew on an annual basis to $4.11 billion from $3.95 billion.

The company said reported net income fell 10.5% year over year to $217.3 million, or $1.05 per share, in the full year, from $242.8 million, or $1.36 per share.