Holiday shifts impact Michaels Q2
IRVING, Texas — Holiday shifts adversely affected quarter-to-date performance at Michaels Stores, which reported net sales of $631 million for the nine-week period ending July 6, a decrease of 0.1% from $631.8 million for the comparable period last fiscal year.
Same-store sales for the same fiscal period declined 2.7%. The company's quarter-to-date performance was also adversely affected by the timing of media activity due to the impact of the 53rd week in fiscal 2012. However, as a result of the shifts, the company has seen improvement in July sales performance.
Net sales for the five months ending July 6 increased 0.9% to $1.62 billion from $1.61 billion for the comparable period last fiscal year. Same-store sales declined 1.5% over the comparable period a year ago.
Irving, Texas-based Michaels Stores is a specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator. The company owns and operates 1,117 Michaels stores in 49 states and Canada and 122 Aaron Brothers stores, and produces 11 exclusive private brands including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart, Loops & Threads and Imagin8.