Michaels Stores Narrows 2Q Net Loss

Dallas Michael Stores posted a second-quarter loss of $25 million on Tuesday amid a struggling economy.

Despite the loss, Michaels' earnings results improved from the second quarter of last year when it posted a loss of $44 million.

Sales during the most recent quarter hit $796 million, up 1% from $788 million last year. Meanwhile, same-store sales fell 2.6%.

Michaels’ leadership said it expects low consumer confidence and the economy to continue to adversely impact the company for at least the remainder of the year.