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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. -
Ulta Beauty names CFO
Bolingbrook, Ill. — Ulta Beauty has appointed Scott Settersten as CFO and assistant secretary, effective immediately. Settersten will report to Dennis Eck, interim CEO.
Settersten has been acting CFO and assistant secretary since October 2012. He joined Ulta Beauty in January 2005 as director of financial reporting.
Prior to joining Ulta Beauty, Settersten spent 15 years with PricewaterhouseCoopers as a certified public accountant serving in various senior manager roles in the assurance and risk management practices.