Michaels Stores reports 2Q sales growth

IRVING, Texas Michaels Stores reported that total sales for the second quarter were $831 million, a 3% increase from fiscal 2009 second quarter sales of $807 million. Same-store sales for the comparable 13-week period increased 2.3%.

John Menzer, CEO, said, "While we had moderate comparable-store sales growth this quarter, we were pleased with our 210 basis point improvement in gross margin which helped drive a 48% increase in operating income. Continued increases in direct import and focus on pricing and promotional strategies helped drive improved operating performance for the quarter."

For the quarter the company reported a net loss of $1 million compared with net income of $2 million for the quarter ended Aug. 1, 2009. For the first half of fiscal 2010, the company reported net income of $12 million compared to $6 million for first half of fiscal 2009.

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