Michaels second-quarter same-store sales rise 2.9 percent
By Staff Reporter
Aug 23, 2012 09:13 AM EDT
Firm Management
People look at the Picasso painting 'Child with a Dove' while it is displayed during the Picasso and Modern British Art exhibition at the National Gallery of Modern Art in Edinburgh, Scotland (Photo : REUTERS)
Michaels Stores Inc (MIK.N), North America's largest arts and crafts retailer, reported same-store sales rose 2.9 percent in the second quarter, helped by more transactions and a big sales jump in its framing services.
The retailer, majority-owned by private equity firms Blackstone Group LP (BX.N) and Bain Capital LP, on Thursday reported a 30 percent jump in net income to $13 million for the quarter ended July 28 on sales of $892 million. Overall sales were up 4.1 percent.
Michaels, which operates 1,079 namesake stores in North America, filed in March to list shares publicly.
Its CEO resigned last month because of a stroke. The company gave no update on the search for a new chief.
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