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More Rings Boost Michaels Q2

Michaels Stores said comparable store sales increased 2.9% in the second quarter ended July 28 driven by a 3% increase in transactions and a positive impact of 0.9% from deferred custom framing revenue partially offset by a 1% decrease in average ticket. Net income for the quarter increased 30% year over year, the company said, to $13 million, and, as a percent of sales, increased 20 basis points to 1.4%.

Net sales increased 4.1% to $892 million versus the second quarter of fiscal 2011, the company related.

Michael’s opened eight and relocated four namesake stores in the second quarter and closed two Aaron Brothers stores.