NEW YORK (TheStreet) -- Shares of Michaels Co. Inc. (MIK - Get Report) are gaining by 11.43% to $16.87 in pre-market trading on Wednesday, after the company reported an increase in adjusted net income for the 2014 second quarter to $30 million, or 15 cents per diluted share, compared to $21 million, or 10 cents per diluted share for the same period last year.
Analysts polled by Thomson Reuters expected the arts and crafts retail chain to post earnings of 8 cents per share for the quarter.
Michaels' net sales for the most recent quarter grew by 4.9% to $948 million, from $904 million for the 2013 second quarter, while analysts were expecting $942.99 million in revenue.
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