Michaels reports increase in Q2 sales

IRVING, Tex. Michaels Stores reported that net sales for the quarter ended Aug. 1 were $807 million, a 1.4% increase over last year's net sales of $796 million. Same-store sales for the quarter declined 0.8% due to a 7% decrease in average ticket and a 6.2% increase in transactions. Canadian currency translation adversely affected same-store sales for the second quarter by approximately 100 basis points.

Net sales for the six month period ended Aug. 1 increased 1.0% to $1.66 billion from $1.64 billion for the same period last year. Same-store sales declined 1.4% over the same period a year ago on a 5.2% decrease in average ticket, a 4% increase in transactions, and a negative 0.2% impact from deferred custom framing revenue. Canadian currency translation adversely affected same-store sales for the first six months of fiscal 2009 by approximately 130 basis points.