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MICHAELS REPORTS RECORD JANUARY SALES WITH 42 PERCENT GAIN

 IRVING, Texas, Feb. 3 /PRNewswire/ -- Michaels Stores, Inc. (NASDAQ: MIKE) announced that its sales in January 1993 increased 42 percent to $43,630,000 from $30,625,000 in January 1991. Same store sales for the month increased 22 percent.
 For the fourth quarter of fiscal 1992, which ended Jan. 31, 1993, sales increased 26 percent to $182.1 million from $144.2 million the prior year, and same store sales increased 8 percent over 1991.
 Total sales for fiscal 1992 increased 20 percent to $493.2 million from $420.9 million in fiscal 1991. Same condition sales for the year increased 7 percent.
 The company stated that the strong sales gains for the month reflect actions taken to increase customer traffic in a typically slower month through the addition of a new two week advertising circular and the aggressive pricing of its remaining Christmas merchandise.
 Management estimates earnings for the fiscal year ended Jan. 31, 1993 will be in the range of $1.15 to $1.20. The company plans to release its fourth quarter and year end earnings during the first week of March.
 The nation's leading retailer of arts and crafts, Michaels Stores, Inc. offers a wide selection of picture framing materials and services, silk and dried flowers, hobby and art supplies, creative crafts, and party, seasonal and holiday merchandise. The company owns and operates 168 stores in 24 states, from California to the Carolinas.
 -0- 2/3/93
 /CONTACT: R. Don Morris, executive vice president and chief financial officer of Michaels Stores Inc., 214-714-7100/
 (MIKE)


CO: Michaels Stores, Inc. ST: Texas IN: REA SU:

PS -- NY007 -- 2242 02/03/93 09:08 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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