Image source: Michaels Companies.

What: Shares of Michaels Companies (NASDAQ:MIK) were up 10.6% as of 2:40 p.m. EST Thursday after the arts and crafts retailer announced better-than-expected fiscal fourth-quarter 2015 results.

So what: Quarterly revenue climbed 4.6% year over year, to $1.68 billion, helped by a 3.1% increase in comparable-store sales -- up 4.7% at constant currency. That translated to 17.3% growth in net income, to $183.7 million, and a 16% increase in net income per share, to $0.87. By comparison, analysts' consensus estimates predicted earnings of $0.84 per share on revenue of $1.65 billion.

Michael CEO Chuck Rubin elaborated:

We improved our in-store shopping experience, increased our customer communications, offered a trend-right holiday assortment, and our customers responded. Our strong fourth-quarter results helped drive our full-year success. We delivered against each of the financial goals we established at the beginning of fiscal 2015, despite stronger than expected headwinds from foreign exchange rates.

Now what: For its fiscal first-quarter 2016, Michaels anticipates comparable-store sales growth of 1.9% to 2.4% (2.8% to 3.3% at constant currency), and diluted earnings per share of $0.34 to $0.36. By comparison, analysts were predicting earnings of $0.38 per share. 

For the full fiscal-year 2016, however, Michaels expects comparable-store sales growth of 2.2% to 2.7% (2.8% to 3.3% at constant currency), total net sales growth of 8% to 9% (8.6% to 9.6% at constant currency), and diluted earnings per share between $1.88 and $1.96. Note the bottom line of this guidance includes the impact of both unfavorable Canadian exchange rates, and $10 million to $12 million in integration costs related to its recently announced acquisition of Lamrite West.

The top line also includes $225 million to $250 million in revenue from Lamrite. Analysts, on average, were anticipating fiscal 2016 revenue would grow a modest 4% year over year, to $5.11 billion, and result in earnings right in the middle of Michaels' guidance at $1.92 per share.

In the end, given Michaels' relative outperformance in Q4 and its solid full-year guidance, its no surprise to see investors celebrating these results today.

Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.