Shares of arts and crafts retailer The Michaels Companies (NASDAQ: MIK) rose just over 31% in December, according to data from S&P Global Market Intelligence. That price advance came mostly during the first few days of the month, after Michaels held its third-quarter earnings call on Dec. 3.
Michaels had a pretty good quarter and investors quickly rewarded it. On the top line, comparable-store sales increased a huge 16.3% year over year. That follows a 12% advance in Q2. Online sales were an important contributor to this performance, up an astounding 353% in the second quarter and 128% in the third. Q3 profits were especially robust, with adjusted earnings more than doubling to $0.84 from $0.40 per share in the year-earlier period. That was even better than the roughly 60% adjusted earnings growth the company posted in the second quarter.