Michaels  (MIK) - Get Report  fell 11.1% to $8.31 Thursday after the arts and crafts retailer forecast weak full-year guidance.

The Irving, Texas-based company reported first-quarter earnings of 31 cents per share on revenue of $1.09 billion. Analysts polled by FactSet were expecting the company to report earnings of 31 cents per share on revenue of $1.11 billion. Comparable-store sales in the period decreased 2.9%. 

"While our first-quarter results were within our range of expectations for the quarter, we are not satisfied and are taking steps to improve our performance," said Mark Cosby, interim CEO. "Our team is focused on improving our current sales trend, executing against our key priorities to build momentum in the second half of fiscal 2019, and refreshing our long-term growth strategy to deliver stronger growth in 2020 and beyond."

For the year, the company expects net sales between $5.19 billion and $5.24 billion with comps expected at zero to up 1%. The company also expects earnings to range between $2.29 and $2.41 per share, below analysts' forecasts of $2.44.