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Michael’s Stores Reports Sales Dip For Q2

Michaels Stores has reported results for its second quarter-to-date of fiscal year 2014, the nine week period ended July 6, 2013. The company reported that its net sales decreased .1% to $631 million from $631.8 million of the comparable period last fiscal year.

Adversely impacted by holiday shifts and the timing of media activity due to the impact of the 53rd week in fiscal 2012, same-store sales for the same fiscal period declined 2.7%, the company reported. As a result of these shifts, the company has seen improvement in July sales performance which it expects to benefit its fiscal second-quarter results.

Net sales for the five months ending July 6, 2013 increased .9% to $1,624 milion from $1,610 million for the comparable period last fiscal year. Same-store sales declined 1.5% over the comparable period a year ago.

The company will release its full second-quarter financial results on September 5, 2013.