Michaels Stores

Michaels Stores Inc. (Irving, Texas) reported an 18 percent gain in preliminary unaudited net income for its fourth quarter of 2004.

Net income for the full fiscal year was also up 18 percent.

Total sales for the fourth quarter increased 11 percent. Same-store sales grew 7 percent. For the quarter, the company said its best performing departments were needlework and yarn, scrapbooking, custom framing, and kids crafts, and the best performing zones were the Pacific, Southeast and Central.

Total sales for the year increased 10 percent. Same-store sales were up 5 percent.

“The implementation of our automated replenishment system completed this past June, in conjunction with last year’s implementation of our perpetual inventory system, puts in place the most significant sales and profit generating tools ever for Michaels Stores,” said ceo Michael Rouleau. “These new systems will be a driving force of change and will serve as a catalyst for accelerating same-store sales growth and gross margin expansion.

“Fiscal 2004 is our eighth straight year of record sales and operating income. With our new perpetual inventory and automated replenishment systems, combined with the experience of our organization, we are well-positioned to deliver to our shareholders our ninth straight year of record performance in fiscal 2005.”