Finance Forex

Michaels to shutter Pat Catan’s Arts & Crafts stores, rebrand 12 Michael’s locations

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Michaels Cos. Inc.

MIK, -4.79%

shares slipped 1.5% after the company announced that it would shutter its Pat Cantan’s Arts & Crafts stores, rebrand a dozen Michaels stores in fiscal 2019 and shifted to the lower end of its guidance. The 36 Pat Catan’s closures will take place in the fourth quarter of fiscal 2018. The chain “has struggled in the face of industry headwinds,” said Chuck Rubin, Michaels chief executive, in a statement. Michaels expects the one-time after-tax cost of the closures in the range of $44 million to $48 million, mostly due to lease terminations, with most of the costs recognized in the fourth quarter. For the month so far, the company said it has “seen more volatility in consumer shopping behavior” than expected. The company expects fourth-quarter same-store sales near the low end of its previous guidance range of down 0.5% to up 0.5%. Adjusted EPS will be on the low end of its $1.42 to $1.47 guidance. The FactSet consensus is for same-store sales growth of 0.1% and EPS of $1.45. Michaels shares have sunk 46% over the past year while the S&P 500 index

SPX, -0.15%

has fallen 6.5% for the period.

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