IRVING, Texas, July 12 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that diluted earnings per share for the second
quarter, ending July 30, 2005, are expected to range from $.20 to $.22,
consistent with the Company's previous guidance on May 25, 2005.
Same-store sales for the second quarter are currently expected to increase
5% to 6%. The best performing departments for the quarter-to-date are General
Crafts, Yarn, Scrapbooking, and Ribbon & Wedding, and the best performing
regions are the Southwest, Pacific, and Southeast zones. Overall, the Company
expects that operating income growth in the second quarter will be strong,
increasing between 25% and 30% over last year, but will be offset by the
additional costs associated with the early redemption of the Company's
$200 million, 9 1/4% Senior Notes.
For fiscal 2005, diluted earnings per share are expected to increase
approximately 25% to 30% over fiscal 2004 full year diluted earnings per share
of $1.45.
The Company also announced that Jeffrey Boyer, Executive Vice President
and Chief Financial Officer, will be participating in investor meetings this
week in the Baltimore and Philadelphia markets. A copy of Mr. Boyer's
presentation will also be made available on the Company's website under
Investor Relations.
The Company plans to release its 2005 second quarter sales results on
Thursday, August 4, 2005, at 6:30 a.m. CT and its 2005 second quarter earnings
results on Wednesday, August 24, 2005 at 4:00 p.m. CT. Any interested party
may view the Company's press releases 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 July 12, 2005, the Company owns and
operates 867 Michaels stores in 48 states and Canada, 165 Aaron Brothers
stores, 11 Recollections stores, and four Star Wholesale operations.
This document may contain 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 29, 2005, and in our Quarterly
Report on Form 10-Q for the quarter ended April 30, 2005. Specific examples
of forward-looking statements include, but are not limited to, forecasts of
same-store sales growth, operating income, and diluted earnings per share.
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: 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, currency fluctuations, and changes in import duties;
our ability to maintain the security of electronic and other confidential
information; 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 29, 2005, particularly in
"Critical Accounting Policies and Estimates" 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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http://www.michaels.com
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CONTACT:
Lisa K. Klinger, Vice President - Investor
Relations and Treasurer, +1-972-409-1528, or Thomas A. Melito,
Assistant Treasurer, +1-972-409-1527, both of Michaels Stores,
Inc.
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