MICHAELS REPORTS JUNE SALES INCREASE OF TEN PERCENT
MICHAELS REPORTS JUNE SALES INCREASE OF TEN PERCENT IRVING, Texas, June 30 /PRNewswire/ -- Michaels Stores, Inc.
(NASDAQ: MIKE) today reported sales for the four week period ending June 28, 1992 of $26.6 million, which represents a 10 percent increase over the prior year sales of $24.2 million. Same store sales for the period increased by 2 percent.
Year-to-date in fiscal 1992 the company has generated sales of $148.9 million vs. $130.6 million in the prior year, or an increase of 14 percent. Year-to-date same condition sales increased by 10 percent. Management stated that June sales are reflective of the company's planned shift of promotional efforts away from this traditionally slower sales period to more productive periods. The nation's leading retailer of arts and crafts, Michaels Stores, Inc. offers a wide selection of picture framing materials, silk and dried flowers, hobby and art supplies, creative crafts and party, seasonal and holiday merchandise. The company owns and operates 155 stores in 23 states, from California to the Carolinas. -0- 6/30/92 /CONTACT: R. Don Morris, executive vice president and CFO, Michaels Stores, Inc., 214-714-7100/ CO: Michaels Stores ST: Texas IN: REA SU: ERN
LD -- NY103 -- 5421 06/30/92 20:06 EDT
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|Date:||Jun 30, 1992|
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