NEW YORK (TheStreet) -- Shares of Michaels Co. Inc. 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. Must Read: Warren Buffett's 25 Favorite Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. MIK data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
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