Michaels’ profit jumps 54%
Irving, Texas -- Michaels Stores Inc.’s second-quarter profit soared 53.8% amid higher sales and lower interest expenses.
The retailer reported a profit of $20 million for the quarter ended Aug. 3, compared with $13 million a year earlier.
Sales inched up 1.3% to $904 million. Same-store sales fell 1.3%, due to a 3.6% decrease in transactions and a 0.4% decrease in deferred custom framing revenue, which was partially offset by a 2.7% increase in the company's average ticket.
Michaels operates 1,241 locations, including 1,119 Michaels stores and 122 Aaron Brothers stores.