IRVING, Texas, Dec. 2 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of November
increased 2% to $382.6 million from $375.4 million for the same period last
year. Same-store sales for the month decreased 3%. Year-to-date sales of
$2.591 billion for fiscal 2004 increased 8% from $2.404 billion for the same
period last year. Same-store sales were up 3% year-to-date.
For the month, customer traffic was down 2%, average ticket was flat, and
the timing of custom frame deliveries reduced same-store sales by 1%. A
favorable currency translation, due to the stronger Canadian dollar,
contributed approximately 0.5% to the average ticket. Year-to-date, customer
traffic increased 3% and average ticket was flat. For the month, the
Company's best performing departments were Yarn, Impulse, Fall Seasonal, and
Ribbon and its best performing zones were the Pacific, Northern, and Central.
Michael Rouleau, Chief Executive Officer, said, "After a slow start, our
same-store sales strengthened in the second half of November. We were
negatively impacted early in the month by the timing of Halloween, by Election
Tuesday, and by the performance of our Veterans Day promotion. During the
final week of the month, including the important post-Thanksgiving Day
weekend, our performance was on plan with low single-digit increases in both
customer traffic and average ticket. Our on-plan performance has continued
into the first week of fiscal December. As a result, we continue to be
optimistic regarding the Holiday season."
The Company continues to expect December same-store sales to increase 4%
to 6% and January same-store sales to increase 3% to 5%.
It also announced that it has repurchased an additional 380,000 shares of
its common stock during fiscal December under its stock repurchase plans at an
average price of $27.68 per share. As of December 2, 2004, under its
repurchase plans, the Company is authorized to repurchase approximately
1.9 million additional shares plus such shares as may be repurchased with
proceeds from the future exercise of options under the Company's 2001 General
Stock Option Plan.
The Company plans to release its December 2004 sales results on Thursday,
January 6, 2005 at 6:30 a.m. CT. Any interested party may view the Company's
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 December 2, 2004, the Company owns
and operates 849 Michaels stores in 48 states and Canada, 164 Aaron Brothers
stores, eight 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, and in our Quarterly
Reports on Form 10-Q for the quarters ended April 1, 2004, and July 31, 2004.
Specific examples of forward-looking statements include, but are not limited
to, forecasts of same-store sales growth 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 patterns; 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 and currency issues; 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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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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