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.
If your company needs assistance with the financial side of business, please contact the Austin corporate accounting experts of Austin Accounting.