IRVING, Texas, March 29 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that same-store sales for the first quarter, ending
April 30, 2005, are currently tracking ahead of plan.
Michael Rouleau, President and Chief Executive Officer, said, "Our first
quarter performance so far has been strong, primarily driven by a solid
increase in customer traffic and transactions. Our best performing
departments for the quarter to date are Yarn, Scrapbooking, General Crafts,
and Kid's Crafts and our best performing regions are the Pacific, Southeast,
and Central zones."
The Company reports that it now expects first quarter same-store sales
results to increase from 5% to 7%, ahead of its previous guidance of an
increase from 3% to 5%. Diluted earnings per share for the first quarter are
currently expected to range from $.27 to $.29, representing an increase of 29%
to 38% over fiscal 2004 first quarter diluted earnings per share of $.21. For
the year, diluted earnings per share are expected to range from $1.75 to $1.82
for fiscal 2005, an increase of approximately 20% to 25% over fiscal 2004 full
year diluted earnings per share of $1.45, excluding the impact of
implementation of FAS 123(R), Share-Based Payment.
The Company also announced that Michael Rouleau and Jeffrey Boyer,
Executive Vice President and Chief Financial Officer, will be participating in
investor meetings this week in the New York and Boston markets. Mr. Boyer
will also be participating in investor meetings in the Minneapolis and
Milwaukee markets in mid-April.
The Company plans to release its 2005 first quarter sales results on
Thursday, May 5, 2005, at 6:30 a.m. CT and its 2005 first quarter earnings
results on Wednesday, May 25, 2005 at 4:00 p.m. CT. Any interested party may
view the Company's press releases at http://www.michaels.com . A copy of Mr.
Rouleau's and Mr. Boyer's presentations will also be made available on the web
site under Investor Relations.
Michaels Stores, Inc. is the world's largest specialty retailer of arts,
crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist
and do-it-yourself home decorator. As of March 29, 2005, the Company owns and
operates 850 Michaels stores in 48 states and Canada, 165 Aaron Brothers
stores, eight Recollections stores, and four Star Wholesale operations.
This document contains forward-looking statements that reflect our plans,
estimates, and beliefs. Any statements contained herein (including, but not
limited to, statements to the effect that Michaels or its management
"anticipates," "plans," "estimates," "expects," "believes," and other similar
expressions) that are not statements of historical fact should be considered
forward-looking statements and should be read in conjunction with our
consolidated financial statements and related notes in our Annual Report on
Form 10-K for the fiscal year ended January 31, 2004, and in our Quarterly
Reports on Form 10-Q for the quarters ended May 1, 2004, July 31, 2004, and
October 30, 2004. Specific examples of forward-looking statements include,
but are not limited to, forecasts of same-store sales growth, total sales,
operating margin, operating income, and diluted earnings per share, as well as
our expectation to redeem our outstanding $200 million, 9 1/4% Senior Notes in
July 2005. Our actual results could differ materially from those discussed in
these forward-looking statements. Factors that could cause or contribute to
such differences include, but are not limited to: changes in accounting
principles; our ability to remain competitive in the areas of merchandise
quality, price, breadth of selection, customer service, and convenience; our
ability to anticipate and/or react to changes in customer demand; changes in
consumer confidence; unexpected consumer responses to changes in promotional
programs; unusual weather conditions; the execution and management of our
store growth and the availability of acceptable real estate locations for new
store openings; the effective maintenance of our perpetual inventory and
automated replenishment systems and related impacts to inventory levels;
delays in the receipt of merchandise ordered from our suppliers due to delays
in connection with either the manufacture or shipment of such merchandise;
transportation delays (including dock strikes and other work stoppages);
changes in political, economic, and social conditions; commodity cost
increases and currency fluctuations; financial difficulties of any of our
insurance providers, key vendors, or suppliers; and other factors as set forth
in our Annual Report on Form 10-K for the fiscal year ended January 31, 2004,
particularly in "Critical Accounting Policies" and "Risk Factors," and in our
other Securities and Exchange Commission filings. We intend these forward-
looking statements to speak only as of the time of this release and do 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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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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