Michaels Stores Jumps
Michaels Stores (MIK ) posted 42 cents, vs. 30 cents first-quarter earnings per share on a 6% same-store sales rise and an 11% total sales rise. The arts and crafts retailer sees 10% to 15% second-quarter earnings per share growth, 15% to 20% third-quarter growth, and 10% to 15% fourth-quarter growth. Michaels sees 15% to 20% fiscal 2005 earnings per share growth. Wedbush Morgan and Avondale upgraded. S&P keeps the accumulate ranking.
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