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Home  >  Austin business accounting  >  Record 2Q sales and earnings for Michaels Stores, Inc.

Record 2Q sales and earnings for Michaels Stores, Inc.

Posted on Wednesday, August 31st, 2011 at 6:39 pm.

Michaels Stores, Inc. reported record levels of operating performance for the second quarter.

The company made $857 million in total sales for the quarter, compared to the $831 million in sales they recorded for 2Q last year. Although there was a 0.8 percent decrease in transactions, same-store sales were up 1.8 percent and the average ticket increased by 2.6 percent.

Michaels, a specialty retailer of arts, crafts, and home decorating merchandise, had $582 million available in revolving credit and $27 million in cash at the end of the second quarter. Debt levels decreased by $181 million from 2010, and net income for the quarter was $10 million.

Chief Executive Officer John Menzer believes the 2Q numbers show the improvement and progress the company has achieved across the entire organization.

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