- Same-Store Sales Increase 3.3% -
IRVING, Texas, Nov. 2 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) reported today that total sales for the third quarter were
$896.1 million, a 6.7% increase over last year's $839.7 million. Same-store
sales for the quarter increased 3.3% on a 3.5% increase in average ticket,
a decrease of (0.1%) in transactions, and a (0.1%) decrease in custom frame
deliveries. Year-to-date sales of $2.497 billion increased 3.8% from $2.406
billion for the same period last year. Same-store sales year-to-date were
up 0.1% over the same period a year ago on a 2.7% increase in average
ticket, a (2.5%) decrease in transactions, and a (0.1%) decrease in custom
frame deliveries. A favorable Canadian currency translation added
approximately 0.4% to the average ticket increase for the third quarter and
approximately 0.5% for the first nine months of fiscal 2006.
For the third quarter, the Southwest, Southeast, and Northeast zones
delivered the strongest domestic same-store sales performances in Michaels
stores. The Company's strongest category performances came in General
Crafts, primarily driven by the Jewelry and Beads, as well as ready-made
Frames, Seasonal, and Ribbon and Wedding businesses.
As previously announced on October 31, 2006, the Company completed its
merger with affiliates of Bain Capital Partners LLC and The Blackstone
Group. As a result of this transaction, the Company will incorporate its
future sales information within any required future public filings and will
therefore discontinue issuing separate quarterly same store sales releases.
The Company currently plans to release its fiscal 2006 earnings results in
late February, and will conduct a conference call, hosted by Michaels
Stores President and CFO, Jeffrey Boyer and President and COO, Gregory
Sandfort. Further details will be announced as that date approaches.
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 November 2, 2006, the
Company owns and operates 920 Michaels stores in 48 states and Canada, 165
Aaron Brothers stores, 11 Recollections stores, and four Star Wholesale
operations.
This press release is also available on the Michaels Stores, Inc.
website (http://www.michaels.com ).
SOURCE Michaels Stores, Inc.
 back to top
Related links:
http://www.michaels.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20040804/DAMICHAELSLOGO
AP Archive: http://photoarchive.ap.org PRN Photo Desk
photodesk@prnewswire.com
http://www.prnewswire.com/comp/115769.html /
CONTACT:
Lisa K. Klinger, Vice President - Treasurer
and Investor Relations of Michaels Stores, Inc., +1-972-409-1528,
or klingerl@michaels.com
|
