Michaels Cos. earnings grew by 40% in the third quarter, a blowout result that extends the arts-and-crafts retailer’s rebound from earlier this year when it was weighed down by the prospect of high US tariffs.
The Apollo Global Management Inc.-backed retailer’s key earnings measure, adjusted Ebitda, was $178 million in the three months through September, up from $127 million a year earlier, according to people with knowledge of the matter. Comparable store sales grew by 12%, said the people, who asked not to be identified discussing the private results.
A customer exits a Michaels store in Chicago.
Photographer: Christopher Dilts/Bloomberg
Michaels debt was among the hardest-hit earlier this year ...
