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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. -
Custom retail fixture maker names new executives
PHILADELPHIA — Sparks, a maker of custom retail fixtures, has appointed two new executives to their business development team. Ilicia Manger and Jeffery Buttson bring a combined total of 35 years of retail fixture industry experience to the Sparks executive team.