« Industry News | Main | Hancock to Close 104 Stores; Receives Default Notice »
Michaels Fourth-Quarter and Year-end Report
Posted by: admin | March 13, 2007
Total sales for the fourth quarter were $1.368 billion, a 7.7 percent increase over last year’s fourth quarter sales of $1.27 billion. Fiscal 2006 was a 53-week year and sales for the additional week contributed $58.7 million in sales for the quarter. Same-store sales for the comparable 13-week period increased 0.8 percent on a 2 percent increase in average ticket, a 1.7 percent decrease in transactions, and a 0.5 percent increase in custom frame deliveries.
The decline in sales of yarn products adversely impacted the fourth-quarter same-store sales by approximately 1.9 percent. Best performing domestic departments were Framing, Impulse, General Crafts (primarily Jewelry and Beads), and Seasonal.
Net income for the quarter decreased $184.9 million, primarily due to the recent merger with Bain Capital and The Blackstone Group.
Fiscal 2006 sales increased 5.1 percent from $3.676 billion to $3.865 billion. New store growth net of store closures contributed approximately $124.3 million of the increase in net sales, with sales in the 53rd week of the year contributing an additional %58.7 million. Same-store sales for the year were up 0.3 percent on a 2.3 decrease in transactions, a 2.5 percent increase in average ticket, and a 0.1 percent increase in custom frame deliveries. Declines in yard product sales for the year adversely impacted same-store sales by approximately 1.4 percent. Best-performing domestic departments for the year were General Crafts (led by Jewelry and Beads), Impulse, Framing, and Apparel Crafts.
Topics: Industry News |
Comments
You must be logged in to post a comment.