Michaels net sales were $1,033.7 million compared to $1,053.3 million in the second quarter of fiscal 2018. The decrease in net sales was primarily due to the closure of the Pat Catan’s stores in fiscal 2018, partially offset by a 0.3% increase in comparable store sales and sales from the operation of 11 additional Michaels stores (net of closures) during the quarter.
During the second quarter, the Company opened four new Michaels stores, closed two Michaels stores, and relocated one Michaels store. At the end of the second quarter of fiscal 2019, the Company operated 1,262 Michaels stores.. . . more