first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREFrumpy Middle-aged Mom: My realistic 2020 New Year’s resolutions. Some involve doughnuts.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SAN FRANCISCO (AP) – Michaels Stores Inc., the country’s largest arts and crafts retail chain, Wednesday said earnings in the latest quarter improved from a year earlier. The Irving, Texas, company, which is being bought by private-equity companies for $6 billion, earned $20.3 million, or 15 cents a share, on revenue of $768.3 million in the fiscal second quarter ended July 29. In the same period a year earlier, it earned $16.5 million, or 12 cents a share, on revenue of $745.5 million. Analysts were expecting earnings of 18 cents a share for the latest quarter, according to Thomson Financial. Sales at stores open more than one year, or same-store sales, fell 0.3 percent, hurt by ongoing programs to reduce the level of promotional and clearance sales. Michael’s expects same-store sales in the third quarter to increase 1 percent to 3 percent. The company also expects total sales to improve 4 percent to 6 percent. The company forecast earnings for the quarter of 22 cents a share. The retailer expects operating income of $46 million compared with $51 million a year earlier. Analysts are expecting earnings of 29 cents a share. Michaels declined to provide an outlook beyond the third quarter because of the proposed takeover bid by Bain Capital LLC and The Blackstone Group. Michaels shares closed Wednesday at $42.73 on the New York Stock Exchange, up 1 cent. The buyout bid is worth $44 a share.last_img