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Michaels Q4 Sales Up

MichaelsIRVING, Texas-Preliminary results from home craft retailer Michaels show that fourth-quarter net sales are expected to range between $1.599 billion and $1.605 billion, with same store sales projected for an increase of from 0.8 to 1.2 percent.

Net sales for the 11-week period from Nov. 2, 2014, to Jan. 17, 2015, gained 3.5 percent. Same-store sales for that period were up 1.5 percent.

Michaels said fourth-quarter operating income should finish between $286 million and $291 million, representing a gain of from 3.2 to 5.1 percent over operating income in last year's fourth quarter.

In a statement detailing these results, Michaels did not say when it would release its final fourth-quarter results.