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Michaels profit up 18%, but issues soft outlook for 2015
Irving, Texas -- The Michaels Cos. reported Thursday its net income rose 18% to $157 million in the fourth quarter, up from $133 million in the year-earlier period. But the retailer gave a soft outlook for the year, citing, among other things, unfavorable Canadian exchange rates and the impact of the West Coast port slowdown.
Sales for the fourth quarter increased 3.4% to $1.61 billion. Same-store sales increased by 1.4%

