Shares of arts supplies retailer Michaels Cos. MIK, -8.21% slid 10% premarket Thursday, after the company offered guidance for fiscal 2018 that was below estimates. The company said it had net income of $202.9 million, or $1.11 a share, in its fiscal fourth quarter to Feb. 3, up from $197.4 million, or 95 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.19, matching the FactSet consensus. Sales rose to $1.891 billion from $1.751 billion, ahead of the FactSet consensus of $1.879 billion. Same-store sales rose 2.5%, more than the 1.8% FactSet consensus. The company said it will continue to invest in its strategic priorities in fiscal 2018, including its brand assortment and online business. It has decided to close 94 of its Aaron Brothers stores and reposition the brand as a "store-within-a-store," offering custom framing services at Michaels Stores. The company expects to take charges of $37 million to $42 million on the closures, most of which will be booked in the first quarter. For all of fiscal 2018, the company is expecting sales of $5.217 billion to $5.293 billion, and adjusted EPS of $2.19 to $2.32. The FactSet consensus is for sales of $5.368 billion and EPS of $2.59. Shares have fallen 1.9% in the last 12 months, while the S&P 500 SPX, -1.39% has gained 15%.