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Michaels stays ahead of bad weather in fourth quarter
Although bad weather hurt some retailers during the crucial fourth quarter, it didn’t stop Michaels Stores from seeing comparable store sales increase 4.6% for the period ended Feb. 1.
Comparable store sales were driven by a 4.2% increase in the company's average ticket and a 0.5% increase in transactions, partially offset by a 10 basis point impact from deferred custom framing revenue.
Net sales increased 2% to $1.55 billion from $1.52 billion during the quarter, which had a 53rd week that generated an estimated $66 million in net sales.
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Walmart and CPG companies accelerate efficiency agenda
Walmart has gathered CEOs from more than a dozen global companies to sign new commitments that accelerate innovation in sustainable agriculture and recycling. The pledges kicked off Walmart’s inaugural Sustainable Product Expo, a three-day collaboration to expand the availability of products that sustain people and the environment.
Together, the participating suppliers represent more than $100 billion in sales at Walmart.