Quarterly sales up 3.2% at Michaels

IRVING, Texas Michaels Stores today reported that total sales for the second quarter were $792.9 million, a 3.2% increase over fiscal 2006 second quarter sales of $768.3 million. Same-store sales for the comparable 13-week period increased 0.8%. Year-to-date sales of $1.637 billion increased 2.3% from $1.601 billion for the same period last year and year-to-date same-store sales increased 0.1% over the same period in fiscal 2006.

Net income decreased $65.5 million to a net loss of $43.9 million in the second quarter of fiscal 2007 from $21.6 million in the second quarter of fiscal 2006. Net income also decreased to a net loss of $66.6 million for the first half of fiscal 2007 compared to a net income of $73.3 million in the same period last year. 

For the second half of fiscal 2007, same-store sales versus the prior year are currently expected to increase approximately 1% to 3%, with total sales increasing between 2% and 4%.  Same-store sales are expected to be approximately flat to 2%, with total sales increasing between 2% and 4%.