Michaels 2Q Profit Jumps
Irving, Texas, Michaels Stores Inc. posted a 15% gain in second-quarter profit. Net income rose to $30.8 million, or 22? a share, from $26.7 million, or 19? a share, a year ago. Sales rose 9% to $745.5 million from $682.9 million a year ago.
Same-store sales increased 4.2% in the quarter, driven by a 2.4% rise in the average ticket and a 1.4% gain in transactions. The best-selling departments were jewelry and beading, paper-crafting, foam and yarn.