IRVING, Texas, Dec. 4 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that sales for the month of November increased 7%
to $375.4 million from $349.5 million for the same period last year. Same-
store sales for the month increased 2%. Year-to-date sales of $2.404 billion
for fiscal 2003 increased 8% from $2.234 billion for the same period last
year. Same-store sales were up 2% year-to-date.
For the month, customer traffic was down 1% and average ticket was up 3%.
Year-to-date, both customer traffic and average ticket were up 1%.
Michael Rouleau, Chief Executive Officer, stated, "After a strong first
half of November, traffic slowed through the Thanksgiving holiday as customers
appeared to favor promotionally priced electronics, toys, and apparel over
traditional seasonal merchandise. Gains in Christmas trees, garland, and
lights were offset by softness in our Christmas home decor and accessory
categories. Overall, our best performing departments were Custom and Ready-
made Frames, Memory, Yarn, and Books and our best performing zones were the
Southeast, Pacific, and Central. We continue to be well-prepared for the
holidays, and with the bulk of our seasonal Christmas sales still ahead of us,
we anticipate a successful selling season. We expect same-store sales in
December to increase between 3% and 5%."
The Company plans to release its December 2003 sales results on Thursday,
January 8, 2004 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 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 798 Michaels stores
in 48 states and Canada, 11 Village Crafts stores across the U.S., 158 Aaron
Brothers stores, located primarily on the West Coast, two ReCollections stores
in Dallas and Frisco, Texas, and two wholesale operations in Atlanta, Georgia
and Dallas, Texas.
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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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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