MICHAELS STORES REPORTS APRIL SALES
MICHAELS STORES REPORTS APRIL SALES IRVING, Texas, May 6 /PRNewswire/ -- Michaels Stores, Inc.
(NASDAQ: MIKE) today reported April sales were $34.9 million, an increase of 18 percent over the same month last year. Comparable store sales increased 15 percent over April of last year.
Sales for the first quarter of 1992, which ended May 3, 1992, rose to $94.4 million, an increase of 14 percent over the same quarter last year. Comparable store sales increased 12 percent over the first quarter of last year. "These increases are primarily due to increased advertising and enhanced merchandising programs in floral products, wearable art and seasonal goods, mainly Easter merchandise," said Jack Bush, president and chief operating officer. "We're seeing a continuation of the trend in strong sales performance which the company has produced over the last two fiscal years," said Bush. The company also reported that it increased its store count by six, from 140 stores at year-end to 146 stores as of the end of the first quarter. This growth is in keeping with Michaels' plans for the addition of 22 to 25 stores during fiscal 1992. 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 146 stores in 21 states, from California to the Carolinas. -0- 5/6/92 /CONTACT: Don Morris, chief financial officer of Michaels Stores, 214-580-8242/ (MIKE) CO: Michaels Stores Inc. ST: Texas IN: REA SU:
TQ -- NY018 -- 6957 05/06/92 09:40 EDT
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|Date:||May 6, 1992|
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