Michaels sees same store sales slightly dip
IRVING, Texas — Michaels reported net sales of $993 million for the first quarter ended May 4, an increase of 1.5% from $978 million in the first quarter of fiscal 2012.
Although same-store sales decreased 0.7% due to a 3% decrease in transactions, it was offset by a positive 1.7% impact from a higher average ticket and a positive 0.6% impact in deferred custom framing revenue. Michaels experienced its strongest sales increases for the quarter in custom framing and yarn.
The company opened 15 Michaels stores, relocated four and closed one. In addition, Aaron Brothers closed three stores. The specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise for the hobbyist and do-it-yourself home decorator currently owns and operates more than 1,113 Michaels stores in 49 states and Canada and 123 Aaron Brothers stores. It 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.