Michaels crafts an IPO

IRVING, Texas — After much speculation, Michaels Stores Friday confirmed that it is has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. According to the filing, the company proposed to raise $500 million in the IPO. The number of shares to be sold and the price range for the proposed offering have not yet been determined.

J.P. Morgan and Goldman, Sachs & Co. will act as joint book-running lead managers for the offering. Barclays, Deutsche Bank, BofA Merrill Lynch, Credit Suisse, Morgan Stanley and Wells Fargo are acting as joint book runners.

For its most recent quarter, Michaels reported that total sales for the quarter were $1.4 billion, a 5.5% increase from fiscal 2010 fourth quarter sales of $1.3 billion. Same-store sales for the quarter increased 4.4%. Net income decreased 1% in the fourth quarter to $97 million from $98 million for the same period last year.