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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.
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Former Toms president steps into CEO role at Lululemon
Lululemon has named former Toms president Laurent Potdevin as the company’s CEO and elected him to its board of directors. Potdevin succeeds Christine Day, who has served as the company’s CEO since 2008 and announced her intention to resign in June 2013.
Potdevin will become a director when he assumes his duties as CEO in January 2014. Day is expected to remain with Lululemon through the end of the company’s fiscal year to ensure a smooth transition.