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The Michaels Cos. slightly raises FY'17 guidance

Arts and crafts retailer The Michaels Cos. Inc. on Nov. 30 bumped up its guidance for full-year fiscal 2017 as it reported its performance for the third quarter ended Oct. 28.

The company now expects diluted earnings per share in the range of $2.13 to $2.16, based on diluted weighted average common shares of about 186 million. The company's revised guidance is slightly up from a previous forecast of diluted EPS to be in the range of $2.11 to $2.16, based on diluted weighted average common shares of about 187 million.

Michaels also projects net sales to grow between 2.9% and 3.2%, or 2.7% to 3.0% on a constant currency basis, compared to a prior outlook of 2.8% to 3.8%.

The retailer plans to record 18 new stores, 12 relocations and 17 store closures during full-year fiscal 2017.

For the third quarter ended Oct. 28, the company's diluted EPS increased 18.9% year over year to 44 cents from 37 cents in the third quarter of fiscal 2016, beating an S&P Capital IQ consensus estimate of 43 cents. Net income also rose 4.3% year over year to $79.8 million, up from $76.5 million in the same period a year ago.

For the fourth quarter, the company expects diluted EPS in the range of $1.15 to $1.18, based on diluted weighted average common shares of 182 million.