- Same-Store Sales Up 5% -
IRVING, Texas, Jan. 8 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that sales for the month of December increased 10%
to $470.2 million from $427.1 million for the same period last year. Same-
store sales for the month increased 5%. Year-to-date sales of $2.874 billion
for fiscal 2003 increased 8% from $2.661 billion for the same period last
year. Same-store sales were up 2% year-to-date.
For the month, customer traffic increased 2% and average ticket increased
3%. Year-to-date, both customer traffic and average ticket were up 1%.
Michael Rouleau, Chief Executive Officer, stated, "Considering the
unfavorable weather early in the month, we are very pleased with our strong
same-store sales performance in December. All zones performed well, with our
best regions being the Northeast, mid-Atlantic, and Southeast. The strongest
contributors to our same-store sales were our Scrapbooking, Christmas, Books,
Needlework and Yarn, and Kids' Crafts categories. December's sales results
were also affected by about 0.8% due to the favorable currency conversion
effect of a weaker U.S. dollar on our Canadian business."
Rouleau continued, "We expect same-store sales to increase in the 3% to 5%
range for January and in the 3% to 4% range for our fourth quarter ending
January 31, 2004. We believe our fourth quarter earnings will range from
$1.28 to $1.32 per diluted share with gross margins up approximately 50 basis
points over last year. We have reduced our fourth quarter gross margin
outlook due to the shift in consumer shopping patterns to later in the Holiday
season when value offerings were greater."
The Company also announced that it had repurchased an additional
776,400 shares of the Company's common stock since the end of the third
quarter of fiscal 2003 under its stock repurchase plans. As of January 8,
2004, under the repurchase plans, the Company is authorized to repurchase
approximately 516,600 additional shares plus such shares as may be repurchased
with proceeds from the future exercise of options under the Company's
2001 General Stock Option Plan.
The Company plans to release its January 2004 sales results on Thursday,
February 5, 2004 at 6:30 a.m. CT. Any interested party may view the Company's
press release at http://www.michaels.com .
Michaels Stores, Inc. is the world's largest retailer of arts, crafts,
framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-
it-yourself home decorator. The Company owns and operates 798 Michaels stores
in 48 states and Canada, 11 Village Crafts stores across the U.S., 158 Aaron
Brothers stores, located primarily on the West Coast, two ReCollections stores
in Dallas and Frisco, Texas, and two wholesale operations in Atlanta, Georgia
and Dallas, Texas.
Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, customer demand and trends in the arts and crafts
industry, related inventory risks due to shifts in customer demand, the effect
of economic conditions, the impact of competitors' locations or pricing, the
availability of acceptable locations for new stores, difficulties with respect
to new information system technologies, supply constraints or difficulties,
the results of financing efforts, the effectiveness of advertising strategies
and other risks detailed in the Company's Securities and Exchange Commission
filings. The Company intends these forward-looking statements to speak only
as of the time of this release and does not undertake to update or revise them
as more information becomes available.
This press release is also available on the Michaels Stores, Inc. website
(http://www.michaels.com ).
SOURCE Michaels Stores, Inc.
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Related links:
http://www.michaels.com
Company News On-Call:
http://www.prnewswire.com/comp/115769.html
CONTACT:
Jeffrey N. Boyer, Executive Vice
President-Chief Financial Officer, +1-972-409-1581, or
Christopher J. Holland, Vice President-Finance, +1-972-409-1667,
both of Michaels Stores, Inc.
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