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%.

Net sales for fiscal 2012 increased 4.7% to $4.408 billion from $4.210 billion in fiscal 2011.Same-store sales increased 1.5% driven by a 0.8% increase in transactions and a 0.7% increase in the average ticket.

Operating income for the year increased 8.1% to $615 million, and as a percent of net sales, increased 50 basis points to 14%.Net Income increased to $214 million, and as a percent of net sales, increased 70 basis points to 4.9%.

The company opened 38, closed three, and relocated 13 Michaels stores and closed eight Aaron Brothers stores during fiscal 2012. The company opened 25, closed six, and relocated 15 Michaels stores and closed three Aaron Brothers stores during fiscal 2011.