Michaels Stores’ Q2 income up 30%
Irving, Texas -- Michaels Stores Inc. reported that its net income rose 30% to $13 million for the quarter ended July 28, from $10 million in the year-ago period. The retailer said an increase in total transactions and custom framing helped boost second-quarter earnings for the arts and crafts retailer.
Total sales for the quarter ending July 28 rose 4.1% to $892 million. Same-store sales increased 2.9%.
Michaels filed for an IPO in March.