Michaels Reports March Same-Store Sales Up 5%

Apr 12, 2001, 01:00 ET from Michaels Stores, Inc.

    IRVING, Texas, April 12 /PRNewswire/ --
 Michaels Stores, Inc. (Nasdaq:   MIKE) today reported that total sales for the
 month of March increased 15% to $207.3 million from $179.6 million for the
 same period last year.  Same-store sales for the month increased 5%.
 Year-to-date sales of $371.3 million for fiscal 2001 increased 12% from
 $330.6 million for the same period last year.  Same-store sales were up
 3% year-to-date.
     In the fourth quarter of fiscal 2000, the Company changed its method of
 accounting for custom frame sales in accordance with guidance provided in the
 Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") No.
 101, Revenue Recognition in Financial Statements.  Attached is a table that
 details the adoption of this accounting change and its impact on fiscal year
 2000.
     A conference call will be held at 7:00 a.m. CDT today to discuss March
 sales results.  Those who wish to participate in the call may access it by
 dialing 973-628-6885.  Any interested party will also have the opportunity to
 listen to the call over the Internet at www.videonewswire.com.  To listen to
 the live call, please go to the website at least fifteen minutes early to
 register, download, and install any necessary audio software.  For those who
 cannot listen to the live broadcast, a replay will be available shortly after
 the call and will be archived until Thursday, April 19th.  Replay may be
 accessed at www.thefirstnews.com or by phone at 973-341-3080 PIN# 2449762.
     The Company plans to release its April 2001 sales results on Thursday,
 May 10, 2001 and will host a conference call at 7:00 a.m. CDT on this date to
 discuss the sales results.  Those who wish to participate in the call may
 access it by dialing 973-628-6885.  Any interested party will also have the
 opportunity to listen to the call over the Internet at www.videonewswire.com.
 To listen to the live call, please go to the website at least fifteen minutes
 early to register, download, and install any necessary audio software.  For
 those who cannot listen to the live broadcast, a replay will be available
 shortly after the call and will be archived until Thursday, May 17th.  Replay
 may be accessed at www.thefirstnews.com or by phone at 973-341-3080,
 PIN# 2449763.
     Michaels Stores, Inc. www.michaels.com is the world's largest retailer of
 arts, crafts, framing, floral, decorative wall decor and seasonal merchandise
 for the hobbyist and do-it-yourself home decorator.  The Company owns and
 operates 642 Michaels stores in 48 states, Canada, and Puerto Rico, and
 121 Aaron Brothers stores, located primarily on the West Coast and 1 wholesale
 operation located in Dallas, Texas.
     Certain statements contained herein which are not historical facts are
 forward looking statements that involve risks and uncertainties, including,
 but not limited to, customer demand and trends in the arts and crafts
 industry, related inventory risks due to shifts in customer demand, the effect
 of economic conditions, the impact of competitors' locations or pricing, the
 availability of acceptable locations for new stores, difficulties with respect
 to new information system technologies, supply constraints or difficulties,
 the results of financing efforts, the effectiveness of advertising strategies
 and other risks detailed in the Company's Securities and Exchange Commission
 filings.
     To receive a fax copy of this press release, dial 1-800-758-5804 and enter
 company code 115769.  This press release is also available to First Call
 subscribers and on the Michaels Stores, Inc. website
 (http://www.michaels.com).
 
                               - TABLE FOLLOWS -
 
                             MICHAELS STORES, INC.
                       RESTATED QUARTERLY FINANCIAL DATA
                      (In thousands except per share data)
 
                                 First       Second       Third       Fourth
                                Quarter      Quarter     Quarter      Quarter
     Fiscal 2000:
     As restated:
     Net sales                 $474,152    $434,059     $525,735    $815,494
     Cost of sales and
      occupancy expense         313,333     292,263      344,506     544,202
     Operating income            21,338      11,600       29,328      86,151
     Cumulative effect of
      accounting change           1,852         ---          ---         ---
     Net income                   8,230       4,554       15,694      50,111
     Earnings per common share:
     Basic                        $0.27       $0.13        $0.44       $1.54
     Diluted                      $0.25       $0.13        $0.43       $1.52
     Common shares used in per
      share calculations:
     Basic                       30,597      34,035       35,673      32,531
     Diluted                     32,317      35,417       36,483      32,896
 
     As previously reported:
     Net sales                 $472,548    $438,392     $526,504    $809,408
     Cost of sales and
      occupancy expense         312,394     294,721      344,831     540,912
     Operating income            20,673      13,475       29,772      83,355
     Net income                   9,684       5,679       15,960      48,433
     Earnings per common share:
     Basic                        $0.32       $0.17        $0.45       $1.49
     Diluted                      $0.30       $0.16        $0.44       $1.47
 
 

SOURCE Michaels Stores, Inc.
    IRVING, Texas, April 12 /PRNewswire/ --
 Michaels Stores, Inc. (Nasdaq:   MIKE) today reported that total sales for the
 month of March increased 15% to $207.3 million from $179.6 million for the
 same period last year.  Same-store sales for the month increased 5%.
 Year-to-date sales of $371.3 million for fiscal 2001 increased 12% from
 $330.6 million for the same period last year.  Same-store sales were up
 3% year-to-date.
     In the fourth quarter of fiscal 2000, the Company changed its method of
 accounting for custom frame sales in accordance with guidance provided in the
 Securities and Exchange Commission's Staff Accounting Bulletin ("SAB") No.
 101, Revenue Recognition in Financial Statements.  Attached is a table that
 details the adoption of this accounting change and its impact on fiscal year
 2000.
     A conference call will be held at 7:00 a.m. CDT today to discuss March
 sales results.  Those who wish to participate in the call may access it by
 dialing 973-628-6885.  Any interested party will also have the opportunity to
 listen to the call over the Internet at www.videonewswire.com.  To listen to
 the live call, please go to the website at least fifteen minutes early to
 register, download, and install any necessary audio software.  For those who
 cannot listen to the live broadcast, a replay will be available shortly after
 the call and will be archived until Thursday, April 19th.  Replay may be
 accessed at www.thefirstnews.com or by phone at 973-341-3080 PIN# 2449762.
     The Company plans to release its April 2001 sales results on Thursday,
 May 10, 2001 and will host a conference call at 7:00 a.m. CDT on this date to
 discuss the sales results.  Those who wish to participate in the call may
 access it by dialing 973-628-6885.  Any interested party will also have the
 opportunity to listen to the call over the Internet at www.videonewswire.com.
 To listen to the live call, please go to the website at least fifteen minutes
 early to register, download, and install any necessary audio software.  For
 those who cannot listen to the live broadcast, a replay will be available
 shortly after the call and will be archived until Thursday, May 17th.  Replay
 may be accessed at www.thefirstnews.com or by phone at 973-341-3080,
 PIN# 2449763.
     Michaels Stores, Inc. www.michaels.com is the world's largest retailer of
 arts, crafts, framing, floral, decorative wall decor and seasonal merchandise
 for the hobbyist and do-it-yourself home decorator.  The Company owns and
 operates 642 Michaels stores in 48 states, Canada, and Puerto Rico, and
 121 Aaron Brothers stores, located primarily on the West Coast and 1 wholesale
 operation located in Dallas, Texas.
     Certain statements contained herein which are not historical facts are
 forward looking statements that involve risks and uncertainties, including,
 but not limited to, customer demand and trends in the arts and crafts
 industry, related inventory risks due to shifts in customer demand, the effect
 of economic conditions, the impact of competitors' locations or pricing, the
 availability of acceptable locations for new stores, difficulties with respect
 to new information system technologies, supply constraints or difficulties,
 the results of financing efforts, the effectiveness of advertising strategies
 and other risks detailed in the Company's Securities and Exchange Commission
 filings.
     To receive a fax copy of this press release, dial 1-800-758-5804 and enter
 company code 115769.  This press release is also available to First Call
 subscribers and on the Michaels Stores, Inc. website
 (http://www.michaels.com).
 
                               - TABLE FOLLOWS -
 
                             MICHAELS STORES, INC.
                       RESTATED QUARTERLY FINANCIAL DATA
                      (In thousands except per share data)
 
                                 First       Second       Third       Fourth
                                Quarter      Quarter     Quarter      Quarter
     Fiscal 2000:
     As restated:
     Net sales                 $474,152    $434,059     $525,735    $815,494
     Cost of sales and
      occupancy expense         313,333     292,263      344,506     544,202
     Operating income            21,338      11,600       29,328      86,151
     Cumulative effect of
      accounting change           1,852         ---          ---         ---
     Net income                   8,230       4,554       15,694      50,111
     Earnings per common share:
     Basic                        $0.27       $0.13        $0.44       $1.54
     Diluted                      $0.25       $0.13        $0.43       $1.52
     Common shares used in per
      share calculations:
     Basic                       30,597      34,035       35,673      32,531
     Diluted                     32,317      35,417       36,483      32,896
 
     As previously reported:
     Net sales                 $472,548    $438,392     $526,504    $809,408
     Cost of sales and
      occupancy expense         312,394     294,721      344,831     540,912
     Operating income            20,673      13,475       29,772      83,355
     Net income                   9,684       5,679       15,960      48,433
     Earnings per common share:
     Basic                        $0.32       $0.17        $0.45       $1.49
     Diluted                      $0.30       $0.16        $0.44       $1.47
 
 SOURCE  Michaels Stores, Inc.