IRVING, Texas, Aug. 26 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) announced today that the Company has opened its 1,000th retail
store with the addition of a new Michaels store in Winter Park, Florida, near
Orlando. "This is a notable milestone for us, a recognition of our long-term
commitment to growth and a testament to our position as one of America's
favorite specialty retailers," said Michael Rouleau, President and Chief
Executive Officer.
After going public in 1984, the Company embarked on an aggressive
expansion program. Through a combination of organic growth and acquisitions,
by 1996 it operated 525 retail stores in North America, and over the following
six years it increased its holdings by an average of 73 stores annually. At
the close of 2003, it was operating 805 Michaels, 158 Aaron Brothers, and two
Recollections stores.
Rouleau attributed the success of the Company to its strategy of building
a strong operational foundation while expanding in key markets throughout the
United States and Canada. "In 1996, Michaels Stores, Inc. was a struggling
company of over 500 autonomous stores," he said. "Today, we have 1,000
centrally directed stores on three retail fronts with modern operating
systems. This is a memorable day for everyone in the company. Through the
dedication of our associates, customers, shareholders, and vendor partners, we
have been able to improve, grow, and thrive, setting sales and earnings
records for seven consecutive years."
The Company plans to increase its presence in North America in 2004 as
well, opening 45 and relocating 30 Michaels stores, opening seven and
relocating one Aaron Brothers store, and opening six Recollections stores. It
will finish the year with approximately 1,020 retail stores in 48 states and
Canada.
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 August 26, 2004, the Company owns
and operates 832 Michaels stores in 48 states and Canada, 162 Aaron Brothers
stores, seven 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, 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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http://www.michaels.com
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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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