Michaels Stores Q4 profit rises 15%

Irving, Texas -- Michaels Stores said its fourth-quarter profit rose 15%, boosted by higher sales.



For the three months ended Feb. 2, the company said net income rose to $112 million, up from $97 million in the year ago period.



Revenue rose 9% to $1.52 billion, helped by an extra week in the quarter. Same-store sales increased 1.7%, with a 2.3% increase in the average ticket.



For the year, net sales increased 15% to $4.41 billion. Net income totaled $214 million, up from $176 million in fiscal 2011.