- Total Sales Increase 12% and Same-Store Sales Grow 7% in March -
- Expects 20% to 26% Increase in First Quarter EPS -
IRVING, Texas, April 8 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of March increased
12% to $283.7 million from $253.4 million for the same period last year.
Same-store sales for the month increased 7% on a 6% increase in average
ticket, a 3% increase in customer traffic, and a 2% decrease in custom frame
deliveries. A favorable currency translation, due to the stronger Canadian
dollar, contributed approximately 0.5% to the average ticket increase for the
month. Total sales year-to-date increased 14% to $515.4 million from
$450.6 million last year. Year-to-date same-store sales were up 9% on a
4% increase in average ticket, a 6% increase in customer traffic, and a
1% decrease in custom frame deliveries. A favorable currency translation, due
to the stronger Canadian dollar, contributed approximately 0.6% to the average
ticket increase year-to-date.
Michael Rouleau, Chief Executive Officer, said, "We are extremely pleased
with our performance for the month. Our sales results were driven by a brisk
retail environment, improved merchandise offerings, stronger advertising
execution, and higher inventory in-stock levels. Our store in-stock position
continues to improve due, in part, to our Perpetual Inventory and Automated
Replenishment systems. Our best performing regions were the Northeast, the
Northern, and the mid-Atlantic zones and our strongest same-store sales growth
contributors were our Scrapbooking, Custom Framing, Yarn, and General Crafts
categories."
Rouleau added, "With an earlier Easter holiday this year and last year's
12% same-store sales increase for April, we expect this April's same-store
sales to increase 1% to 3%. For the first quarter, we expect same-store sales
to increase 6% to 7%, higher than our previous outlook of 3% to 5%. With
stronger than expected same-store sales results and solid operating margin
performance for the quarter, we expect our first quarter diluted earnings per
share to be in the $0.36 to $0.38 range, a 20% to 26% increase over last
year's first quarter diluted earnings per share of $0.30. Additionally, we
currently expect our fiscal 2004 diluted earnings per share to increase 16% to
17% over last year's diluted earnings per share of $2.54, stronger than our
previous estimate of a 15% increase."
The Company plans to release its April 2004 sales results on Thursday,
May 6, 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 814 Michaels stores
in 48 states and Canada, 158 Aaron Brothers stores, located primarily on the
West Coast, two ReCollections stores in the Dallas/Fort Worth Metroplex, and
two wholesale operations.
Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, estimation risks, 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.
 back to top
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.
|
