Michaels Stores Narrows 2Q Net Loss

Dallas Michael Stores posted a second-quarter loss of $25 million on Tuesday amid a struggling economy.

Despite the loss, Michaels' earnings results improved from the second quarter of last year when it posted a loss of $44 million.

Sales during the most recent quarter hit $796 million, up 1% from $788 million last year. Meanwhile, same-store sales fell 2.6%.

Michaels’ leadership said it expects low consumer confidence and the economy to continue to adversely impact the company for at least the remainder of the year.

Recommended stories

Login or Register to post a comment.