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Michaels Cos. fiscal Q1 profit climbs YOY

Michaels Cos. Inc. said its normalized net income for the fiscal first quarter ended May 3 came to 29 cents per share, a gain from 28 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $51.3 million, an increase from $50.6 million in the year-earlier period.

The normalized profit margin dropped to 4.9% from 5.1% in the year-earlier period.

Total revenue increased 5.9% on an annual basis to $1.05 billion from $993.0 million, and total operating expenses increased 5.5% from the prior-year period to $913.0 million from $865.0 million.

Reported net income declined on an annual basis to $44.8 million, or 25 cents per share, from $46.5 million, or 26 cents per share.