IRVING, Texas, Dec. 8 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that same-store sales for the first ten days of
fiscal December, ending December 7, 2004, were ahead of plan.
Michael Rouleau, President and Chief Executive Officer, said, "Our
December performance so far has been strong with solid increases in both
customer traffic and average ticket. Our best performing departments for the
month to date are Christmas, Yarn, Art, and Kids Crafts and our best
performing zones are the Northeast, mid-Atlantic, and Southeast. However,
with 25 days remaining in the fiscal month, we are maintaining a conservative
outlook and continue to expect December same-store sales to increase 4% to 6%.
All told, we remain optimistic regarding the Holiday season and we continue to
look forward to another record year."
The Company continues to expect January same-store sales to increase 3%
to 5% and fourth quarter same-store sales to increase 2% to 3%. Diluted
earnings per share, on a post-split basis, are expected to range from $.74 to
$.76 for the fourth quarter and to range from $1.44 to $1.46 for fiscal 2004,
inclusive of the $4.9 million charge recorded in the second quarter.
The Company also announced that Jeffrey Boyer, Executive Vice President
and Chief Financial Officer, will be participating in investor meetings this
week in the Philadelphia and Kansas City markets.
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 8, 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, July 31, 2004, and
October 30, 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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http://www.michaels.com
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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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