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ICSC-NY show attendance leaps 15%
New York -- Identified as a 2014 industry bellwether, this year’s New York National Conference and Deal Making is up 15% over last year, with some 7,000 people in attendance, according to the International Council of Shopping Centers.
The increase bodes well for next year, according to Michael P. Kercheval, president and CEO. When attendance is up, he said, the industry grows the following year. When it’s down, a decline has always followed.
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Michaels third-quarter net income soars
At Michaels, a higher gross profit, partially driven by improved merchandise margin, helped to increase its net income for the third quarter ended Nov. 2.
The company’s net income during the quarter soared 66%, rising to $58 million from $35 million in the prior-year quarter. Net sales grew 10%, to $1.1 billion from $1.01 billion. Meanwhile, same-store sales increased 7.9%, driven by a 3.9% increase in transactions and a 3.8% increase in the company's average ticket in addition to a 20 basis point positive impact from deferred custom framing revenue.