Frame and Fortune

Michaels Stores Inc. (Irving, Texas) has announced a 15 percent increase in net income for its second quarter ended Aug. 2, 2003.

Net income for the home goods retailer's first six months of the year was up 38 percent.

Total sales for the second quarter increased 7 percent, and 8 percent year-to-date. Same-store sales were up 1 percent for the quarter and 2 percent year-to-date.

“We are very pleased with our record performance for the second quarter as we build upon the momentum we have generated over the last six years,” said ceo Michael Rouleau. “The significant investments we have made in our infrastructure are starting to bear fruit, and they give us great confidence in our future. Despite the soft economic environment, we remain optimistic for a solid second half performance, a strong Holiday selling season, and another record year.”

During the second quarter, the company opened eight and relocated four Michaels stores, opened one Village Crafts store, opened four Aaron Brothers stores and opened one ReCollections store. The company owns and operates 775 Michaels stores in 48 states and Canada, eight Village Crafts stores across the U.S., 158 Aaron Brothers stores, located primarily on the West Coast, one ReCollections store in Frisco, Texas, and one wholesale operation in Dallas, Texas.