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Michaels Stores Q4 profit rises 15%
Irving, Texas -- Michaels Stores said its fourth-quarter profit rose 15%, boosted by higher sales.
For the three months ended Feb. 2, the company said net income rose to $112 million, up from $97 million in the year ago period.
Revenue rose 9% to $1.52 billion, helped by an extra week in the quarter. Same-store sales increased 1.7%, with a 2.3% increase in the average ticket.
For the year, net sales increased 15% to $4.41 billion. Net income totaled $214 million, up from $176 million in fiscal 2011. -
Michaels crafts a Q4 comps increase
IRVING, Texas — Michaels Stores reported that net sales for the fourth quarter increased 8.5% to $1.5 billion from $1.4 billion for the same period last year. Quarterly same-store sales increased 1.7% driven by a 2.3% increase in average ticket and a 0.6% decrease in transactions.
The company reported that operating income increased 13.7% to $266 million, and as a percent of net sales increased 80 basis points to 17.5%. Net income increased to $112 million, and as a percent of net sales, increased 40 basis points to 7.3%.
