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Michaels Shrinks Quarterly Loss

Dallas Michaels Stores Inc. reported that it has narrowed its first-quarter loss, helped by strong sales in April. The company said it had a loss of $20 million in the quarter ended May 3, compared with a loss of $23 million a year ago.

Net sales rose 1% to $847 million from $839 million last year. Sales at stores open at least a year increased 2.9%.

Sales were strong in the categories of kid crafts, scrapbooking and frame and art supplies, the report said.

Looking ahead, Michaels said given the current economic environment, it expects same-store sales growth to be flat in 2008 compared with 2007.

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