IRVING, Texas — Michaels Stores reported a second quarter same-store sales increase of 2.9% driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket.
Net sales for the quarter increased 4.1% to $892 million from $857 million in the second quarter of fiscal 2011.
Net income for the quarter increased 30% to $13 million, and as a percent of net sales increased 20 basis points to 1.4%.
The company opened eight and relocated four Michaels stores and closed two Aaron Brothers stores during the quarter. The company opened five and relocated four Michaels stores during the second quarter of fiscal 2011.