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Michaels Cos. fiscal Q3 profit climbs 21.6% YOY

Michaels Cos. Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 was 36 cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS rose 20.2% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $76.2 million, an increase of 21.6% from $62.6 million in the third quarter ended Nov. 1, 2014.

The normalized profit margin rose to 6.5% from 5.5% in the year-earlier period.

Total revenue rose on an annual basis to $1.17 billion from $1.13 billion, and total operating expenses rose on an annual basis to $1.01 billion from $987.7 million.

Reported net income increased 20.8% from the prior-year period to $77.6 million, or 37 cents per share, from $64.2 million, or 31 cents per share.