Michaels returns to profit in Q2

8/25/2009

IRVING, Tex, Michaels Stores reported net income for the quarter ended Aug. 1 of $2 million compared with a $30 million loss for the quarter ended Aug. 2, 2008.

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%. According to Michael's, this was due to a 7% decrease in average ticket and a 6.2% increase in transactions.