More Rings Boost Michaels Q2
Friday August 24th, 2012 - 10:56AM
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Michaels Stores said comparable store sales increased 2.9% in the second quarter ended July 28 driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket. Net income for the quarter increased 30% year over year, the company said, to $13 million, and, as a percent of sales, increased 20 basis points to 1.4%.
Net sales increased 4.1% to $892 million versus the second quarter of fiscal 2011, the company related.
Michael’s opened eight and relocated four namesake stores in the second quarter and closed two Aaron Brothers stores.
Tags: Housewares Home Décor Organization & Cleaning Retail Financials
Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.