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.



For full fiscal, comparable store sales increased 2.9% driven by a 3.3% increase in the company's average ticket, partially offset by a 0.4% decrease in transactions. Net sales increased 3.7% to $4.57 billion from $4.41 billion over fiscal 2012.



During the quarter, the company closed one Michaels store and one Aaron Brothers store. During the full year, the company operated 33 net new Michaels and Aaron Brothers stores. The company opened 40, relocated 14 and closed three Michaels stores during the year. Additionally, the company relocated two and closed five Aaron Brothers stores (note that a store closure relating to a relocation occurred in fiscal 2012 and the relocated store opened in fiscal 2013). The company now operates 1,257 stores including 1,136 Michaels stores and 121 Aaron Brothers stores.