DOW JONES23,719.37+285.80 1.22%
S&P 5002,789.82+39.84 1.45%
NASDAQ8,153.58+62.67 0.77%

Michaels Sees Q1 Sales $1.08B-$1.10B vs $1.09B Est.

Outlook: In light of the rapidly changing developments arising from the Coronavirus outbreak, the Company is not providing a formal full year outlook for Fiscal Year 2020 at this time. We are, however,

Benzinga · 03/17/2020 11:02

Outlook:

In light of the rapidly changing developments arising from the Coronavirus outbreak, the Company is not providing a formal full year outlook for Fiscal Year 2020 at this time. We are, however, providing a baseline outlook for the first quarter that excludes any potential impact from the Coronavirus outbreak.

For the first quarter of fiscal 2020, and prior to any impact from the Coronavirus situation, the Company expected:

  • Net sales to be between $1.08 billion and $1.10 billion
  • Comparable store sales to be in the range of -1.5% to 0.0%
  • Adjusted operating income to be between $74 million and $82 million
  • Before considering potential impacts to our business from the Coronavirus outbreak, we expect our overall performance to improve in the second half of the year as compared to the first half. In addition, we expect adjusted operating income in the second quarter of fiscal 2020 to be materially lower when compared to the prior year period due to higher margins in the second quarter last year ahead of the impact of tariffs.