Michael’s Stores net income soars in Q4

Irving, Texas – Net income at Michael’s Stores Inc. soared 36% to $143 million in the fourth quarter of fiscal 2013 from $105 million in the same quarter the previous year. Net sales grew 2% to $1.55 billion from $1.52 billion and same-store sales rose 4.2%.



Michael’s credited a 53rd week in fiscal 2013, as well as increases in average ticket size and transactions, as driving its fourth quarter performance.



During the full fiscal year, net income increased 32% to $264 million from $200 million. Net sales improved 3.7% to $4.57 billion from $4.41 billion, and same-store sales increased 2.9%.