- Same-Store Sales Increase 1% -
IRVING, Texas, Sept. 4 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of August increased
7% to $185.7 million from $174.2 million for the same period last year. Same-
store sales for the month increased 1%. Year-to-date sales of $1.459 billion
for fiscal 2003 increased 8% from $1.354 billion for the same period last year
while same-store sales were up 2% year-to-date. For the month, customer
traffic was flat and average ticket was up 1%.
Michael Rouleau, Chief Executive Officer, stated, "With income tax rebates
and tax-free holidays spurring back-to-school shopping at discount retailers
and department stores, we are satisfied with our sales performance for August,
traditionally not a significant month for us. Our best performing departments
were Ready-made Frames, Seasonal, General Crafts, and Ribbon and our strongest
sales were in our Northeast, Mid-Atlantic and Southeast zones. We continue to
expect third quarter diluted earnings per share to be in the $.46 to
$.50 range and full year diluted earnings per share to be between $2.40 and
$2.45."
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 777 Michaels stores
in 48 states and Canada, nine Village Crafts stores across the U.S., 158 Aaron
Brothers stores, located primarily on the West Coast, one ReCollections store
in Frisco, Texas, and two wholesale operations in Dallas, Texas and Atlanta,
Georgia.
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.
The Company plans to release its September 2003 sales results on Thursday,
October 9, 2003 at 6:30 a.m. CDT. The Company's press releases may be viewed
at 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, both of
Michaels Stores, Inc.
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