- Same-Store Sales Up 5% -
IRVING, Texas, Sept. 2 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of August increased
10% to $205.1 million from $185.7 million for the same period last year.
Same-store sales for the month increased 5%. Year-to-date sales of
$1.614 billion for fiscal 2004 increased 11% from $1.459 billion for the same
period last year while same-store sales were up 6% year-to-date. For the
month, customer traffic was up 3%, average ticket was down 1%, and custom
frame deliveries were up 3%. Custom frame deliveries in August were affected
by changes to the Company's promotional calendar.
Michael Rouleau, President and Chief Executive Officer, stated, "Overall,
we are pleased with our sales results for August. Our best performing
departments were Yarn, Frames, Impulse/Party, and Kids Crafts, and our
strongest zones were the Pacific, Northeast, and Northern. We continue to
expect September same-store sales to be relatively flat and October same-store
sales to increase 4% to 6%, with custom frame deliveries shifting from
September into August and October."
The Company expects third quarter diluted earnings per share to be in the
$.62 to $.65 range and full year diluted earnings per share to be in the $2.92
to $3.05 range, a 15% to 20% increase.
The Company plans to release its September 2004 sales results on Thursday,
October 7, 2004 at 6:30 a.m. CT. Any interested party may view the 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 September 2, 2004, the Company owns
and operates 833 Michaels stores in 48 states and Canada, 162 Aaron Brothers
stores, seven Recollections stores, and three 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. Specific examples of
forward-looking statements include, but are not limited to, statements
regarding our future cash dividend policy, forecasts of capital expenditures,
working capital requirements, and stock repurchases. 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; 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; 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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http://www.michaels.com
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Company News On-Call:
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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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