Michaels Q2 Sales Off 0.1 Percent
IRVING, Texas-Second-quarter sales thus far for Michaels decreased 0.1 percent to $631 million, with a same-store sales drop of 2.7 percent, according to a preliminary report from the specialty retailer.
The company delivered results for the nine-week period ending on July 6. The second quarter will end on July 28, and Michaels will issue a full summary of the period on Sept. 5.
A statement from Michaels attributed the laggard sales performance to the adverse impact of holiday shifts and the timing of media activity, which was affected by the fact that its previous fiscal year totaled 53 weeks. The company also said it has seen improvement in July sales, which should boost the quarter's total performance.
Net sales for Michaels for the five months ending on July 6 were up 0.9 percent, with same-store sales dropping 1.5 percent.