Chain Store Age
Although a lot of the numbers from Michaels are in negative territory, some of this is a function of a shorter trading period compared to last year. On a calendar shifted basis the results were not so bad, with comparable sales up by 1.4%. However, sales and revenue were also dragged down thanks to exceptional expenses and reductions from the closure of both Aaron Brothers and Pat Catan’s stores.
Taking all of this into account, Michaels produced numbers which were reasonable but far from spectacular. This is especially so given the solid state of the consumer economy over most of the holiday period and the potential gains available to Michael’s from the demise of Toys “R” Us. With these dynamics in play, we would have expected more uplift from the underline comparable figures.
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