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Michaels Cos. swings to loss in fiscal Q2

Michaels Cos. Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 came to a loss of 3 cents per share, compared with the S&P Capital IQ consensus estimate of 8 cents per share.

The per-share result swung to a loss from the prior-year profit of 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.6 million, compared with income of $15.0 million in the year-earlier period.

The normalized profit margin fell to negative 0.6% from 1.7% in the year-earlier period.

Total revenue climbed on an annual basis to $948.0 million from $904.0 million, and total operating expenses increased 7.6% year over year to $896.0 million from $833.0 million.

Reported net income came to a loss of $48.1 million, or a loss of 26 cents per share, compared to income of $16.1 million, or 9 cents per share, in the prior-year period.