- Same-Store Sales Up 3% -
IRVING, Texas, June 3 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of May increased 8%
to $202.3 million from $187.3 million for the same period last year. Same-
store sales for the month were up 3% on a 2% increase in average ticket, flat
store traffic, and a 1% increase in custom frame deliveries. Year-to-date
sales of $928.2 million for fiscal 2004 increased 10% from $843.7 million for
the same period last year. Same-store sales were up 5% year-to-date on a 2%
increase in average ticket and a 3% increase in store traffic. A favorable
currency translation, due to the stronger Canadian dollar, contributed
approximately 0.4% to the average ticket increase year-to-date.
Michael Rouleau, Chief Executive Officer, said, "We are pleased with our
May results. Our best performing categories were Scrapbooking, General
Crafts, Kids Crafts, Yarn, and Party/Impulse and our best performing zones
were the Pacific, Southeast, and Central. We continue to expect same-store
sales to increase 3% to 5% in the second quarter with an increase of 8% to 10%
in June and a decrease of 2% to 4% in July. Diluted earnings per share are
expected to increase 15% to 20% for the full year and 10% to 15% in the second
quarter."
The Company plans to release its June 2004 sales results on Thursday,
July 8, 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 specialty retailer of arts,
crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist
and do-it-yourself home decorator. As of June 3, 2004, the Company owns and
operates 821 Michaels stores in 48 states and Canada, 159 Aaron Brothers
stores, two ReCollections stores, and three Star 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.
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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
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