The Michaels Companies Announces Second Quarter Fiscal 2020 Results

  • Net Sales increase of 11.1% to $1.148 billion; Comparable Store Sales increase of 12.0%; including e-commerce growth of 353.1%
  • Operating Income $53.3 million, Adjusted Operating Income increase of 40.7% to $105.8 million
  • Free Cash Flow of $331 million, liquidity of approximately $1.3 billion, inclusive of $651 million in cash
  • Michaels to hold virtual investor day on September 24, 2020

IRVING, Texas--(BUSINESS WIRE)-- The Michaels Companies, Inc. (NASDAQ: MIK) today announced financial results for the second quarter fiscal 2020 ended August 1, 2020.

Ashley Buchanan, Michaels Chief Executive Officer commented, “Michaels strong second quarter results are a testament to the solid execution of our team in an unprecedented environment. We saw strong demand and customer engagement across our stores, and the multiple omnichannel touchpoints we introduced over the past few months. Looking ahead, we will continue to focus on serving our customers and executing to the pillars that underpin our Maker strategy: strengthening our retail foundation, modernizing our omnichannel experience and establishing our position as the Expert for the Maker.”

Mr. Buchanan added, “Strong performance combined with proactive cash management actions taken earlier this year resulted in outstanding quarterly free cash flow generation. We ended the second quarter in a strong liquidity position of $1.3 billion, approximately $100 million higher than at the start of the fiscal year. This gives us great confidence in our ability to navigate the current environment while advancing our strategic priorities and positioning Michaels for long-term growth. We look forward to sharing more details about our future direction and long-term expectations at our upcoming investor day later this month.”

Key Financial Results:

 

13 Weeks Ended
August 1, 2020

13 Weeks Ended
August 3, 2019

26 Weeks Ended
August 1, 2020

26 Weeks Ended
August 3, 2019

Net Sales

$1,148.2M

$1,033.7M

$1,948.1M

$2,127.4M

Comp. Store Sales

12.0%

0.3%

(8.4%)

(1.4%)

Operating Income (Loss)

$53.3M

$71.3M

($7.4M)

$164.0M

Net (Loss) Income

($7.8M)

$24.5M

($71.3M)

$62.2M

Diluted (Loss) Earnings per Share

($0.05)

$0.16

($0.48)

$0.39

Adjusted Operating Income1

$105.8M

$75.2M

$45.1M

$176.6M

Adjusted Net Income (Loss)1

$44.7M

$29.6M

($31.6M)

$78.6M

Adjusted Diluted Earnings (Loss) per Share1

$0.30

$0.19

($0.22)

$0.50

1 See additional information in this release for a reconciliation of non-GAAP financial measures to the respective GAAP measures.

Key Highlights

  • All stores reopened by the beginning of July. Michaels achieved positive second quarter comparable store sales of 12%, driven by strong demand both in our open stores and in e-commerce.
  • Second quarter e-commerce growth of more than 350% year over year was driven by enhanced and expanded omnichannel capabilities including curbside pick-up, same day delivery, ship from store, BOPIS, in-app purchases and more.
  • Paid down remaining $300 million of the $600 million revolver draw down done in the first quarter, resulting in full availability under the revolving credit facility.

Second Quarter Fiscal 2020 (13 weeks ended August 1, 2020):

  • The 11.1% increase in sales for the second quarter of fiscal 2020 compared to the same period in the prior year was due to a 12% increase in comparable store sales and sales related to 13 additional stores (net of closures) since the end of the second quarter of fiscal 2019, partially offset by a sales decline due to the closure of our wholesale business.
  • Operating income was $53.3 million compared to operating income of $71.3 million in the second quarter of fiscal 2019. Adjusted operating income for the second quarter of fiscal 2020 was $105.8 million compared to $75.2 million in adjusted operating income in the second quarter of fiscal 2019. A full reconciliation of Adjusted operating income is available within the tables of this press release.

Balance sheet and liquidity highlights:

  • The Company ended the second quarter of fiscal 2020 in a strong liquidity position of approximately $1.3 billion, inclusive of our cash balance of $651 million and our undrawn revolving credit facility.

Outlook:

Given the continued uncertainty due to the COVID-19 pandemic, including a dynamic and uncertain outlook for consumer spending patterns and associated government policies, the Company is not providing any additional financial outlook information at this time.

Conference Call Information

A conference call to discuss second quarter financial results is scheduled for today, September 3, 2020, at 8:00 am Central Time. Investors who would like to join the conference call are encouraged to pre-register for the conference call using the following link: http://dpregister.com/10147030. Callers who pre-register will be given a phone number and a unique PIN to bypass the live operator and gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time. Investors without internet access or who are unable to pre-register can join the call by dialing (844) 340-4762 or (412) 717-9617.

A live webcast of the conference call, together with certain supplemental presentation materials, will be available online at http://investors.michaels.com/. To listen to the live call, please go to the website at least 15 minutes before the call is scheduled to begin to register and download any necessary audio software. The webcast will be accessible for 3 months after the call. Additionally, a telephone replay will be available until September 19, 2020, by dialing (877) 344-7529 or (412) 317-0088, access code 10147030.

Non-GAAP Information

This press release includes non-GAAP measures including adjusted operating income, adjusted diluted earnings (loss) per share, adjusted net income (loss), EBITDA and adjusted EBITDA. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in a table accompanying this release. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a meaningful evaluation of its quarterly and fiscal 2020 results on a comparable basis with its quarterly and fiscal 2019 results.

The Company has provided this information as a means to evaluate the results of its ongoing operations. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Other companies in the Company's industry may calculate these items differently than it does.

Forward-Looking Statements

This news release includes forward-looking statements which reflect management's current views and estimates regarding the Company's industry, business strategy, goals, and expectations concerning its market position, future operations, including with respect to liquidity and capital resources, the introduction of new capabilities, our ability to navigate the COVID-19 pandemic and the opening of stores following temporary closures, expected costs of the closure of Darice operations and other financial and operating information. The words "anticipate", "assume", "believe", "continue", "could", "estimate", "expect", “forecast”, "future", “guidance”, “imply”, "intend", "may", “outlook”, "plan", "potential", "predict", "project", and similar terms and phrases are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks relating to the effect of the adverse effect of the ongoing COVID-19 outbreak; economic uncertainty; substantial changes to fiscal and tax policies; our reliance on foreign suppliers; regulatory changes; the seasonality of our business; changes in customer demand; damage to the reputation of the Michaels brand or our private and exclusive brands; unexpected or unfavorable consumer responses to our promotional or merchandising programs; our failure to adequately maintain security and prevent unauthorized access to electronic and other confidential information; increased competition including internet-based competition from other retailers; the impact of tariffs on certain products that we import from China and other risks and uncertainties including those identified under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), which is available at www.sec.gov, and other filings that the Company may make with the SEC in the future. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements.

Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About The Michaels Companies, Inc.:

The Michaels Companies, Inc. is North America's largest specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for Makers and do-it-yourself home decorators. The Company operates more than 1,270 Michaels stores in 49 states and Canada. Additionally, the Company serves customers through a variety of digital platforms including Michaels.com, Canada.michaels.com, consumercrafts.com and aaronbrothers.com. The Michaels Companies, Inc., also owns Artistree, a manufacturer of high-quality custom and specialty framing merchandise. For a list of store locations or to shop online, visit www.michaels.com or download the Michaels app.

 
The Michaels Companies, Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
13 Weeks Ended 26 Weeks Ended

August 1,

 

August 3,

 

August 3,

 

August 3,

(in thousands, except per share data)

2020

 

2019

 

2020

 

2019

Net sales $

1,148,170

 

$

1,033,689

 

$

1,948,058

 

$

2,127,408

 

Cost of sales and occupancy expense

805,658

 

666,703

 

1,383,724

 

1,342,783

 

Gross profit

342,512

 

366,986

 

564,334

 

784,625

 

Selling, general and administrative

289,053

 

290,074

 

570,394

 

610,670

 

Restructure charges

 

3,869

 

 

6,956

 

Store pre-opening costs

186

 

1,743

 

1,345

 

2,969

 

Operating income (loss)

53,273

 

71,300

 

(7,405

)

164,030

 

Interest expense

36,740

 

40,134

 

74,863

 

77,493

 

Losses on early extinguishments of debt and refinancing costs

 

1,155

 

 

1,155

 

Other expense (income), net

1,365

 

(252

)

(1,558

)

2,853

 

Income (loss) before income taxes

15,168

 

30,263

 

(80,710

)

82,529

 

Income taxes

22,925

 

5,716

 

(9,448

)

20,291

 

Net (loss) income $

(7,757

)

$

24,547

 

$

(71,262

)

$

62,238

 

 
Other comprehensive income (loss), net of tax:
Foreign currency and cash flow hedges

8,960

 

(4,762

)

(5,376

)

(9,588

)

Comprehensive income (loss) $

1,203

 

$

19,785

 

$

(76,638

)

$

52,650

 

 
(Loss) earnings per common share:
Basic $

(0.05

)

$

0.16

 

$

(0.48

)

$

0.39

 

Diluted $

(0.05

)

$

0.16

 

$

(0.48

)

$

0.39

 

Weighted-average common shares outstanding:
Basic

147,296

 

157,272

 

147,080

 

157,511

 

Diluted

147,296

 

157,273

 

147,080

 

157,535

 

 
The following table sets forth the percentage relationship to net sales of each line item of our unaudited consolidated statements of comprehensive income:

13 Weeks Ended

 

 

26 Weeks Ended

August 1,

 

 

August 3,

 

 

August 3,

 

 

August 3,

2020

 

 

2019

 

 

2020

 

 

2019

Net sales

100.0

 

%

100.0

 

%

100.0

 

%

100.0

 

%

Cost of sales and occupancy expense

70.2

 

64.5

 

71.0

 

63.1

 

Gross profit

29.8

 

35.5

 

29.0

 

36.9

 

Selling, general and administrative

25.2

 

28.1

 

29.3

 

28.7

 

Restructure charges

 

0.4

 

 

0.3

 

Store pre-opening costs

 

0.2

 

0.1

 

0.1

 

Operating income (loss)

4.6

 

6.9

 

(0.4

)

7.7

 

Interest expense

3.2

 

3.9

 

3.8

 

3.6

 

Losses on early extinguishments of debt and refinancing costs

 

0.1

 

 

0.1

 

Other expense (income), net

0.1

 

 

(0.1

)

0.1

 

Income (loss) before income taxes

1.3

 

2.9

 

(4.1

)

3.9

 

Income taxes

2.0

 

0.6

 

(0.5

)

1.0

 

Net (loss) income

(0.7

)

%

2.4

 

%

(3.7

)

%

2.9

 

%

 
The Michaels Companies, Inc.
Consolidated Balance Sheets
(Unaudited)
 

August 1,

February 1,

August 3,

(in thousands, except per share data)

2020

2020

2019

ASSETS
Current Assets:
Cash and equivalents $

651,118

 

$

409,964

 

$

130,981

 

Merchandise inventories

1,021,691

 

1,097,109

 

1,256,465

 

Prepaid expenses and other

60,721

 

62,287

 

69,672

 

Accounts receivable, net

31,043

 

30,442

 

23,941

 

Total current assets

1,764,573

 

1,599,802

 

1,481,059

 

Property and equipment, at cost

1,738,883

 

1,706,520

 

1,703,912

 

Less accumulated depreciation and amortization

(1,326,620

)

(1,276,088

)

(1,266,421

)

Property and equipment, net

412,263

 

430,432

 

437,491

 

Operating lease assets

1,552,626

 

1,610,013

 

1,611,029

 

Goodwill

94,290

 

94,290

 

112,069

 

Other intangible assets, net

59,839

 

66,417

 

14,082

 

Deferred income taxes

22,435

 

18,201

 

28,142

 

Other assets

17,322

 

18,940

 

23,277

 

Total assets $

3,923,348

 

$

3,838,095

 

$

3,707,149

 

 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $

627,619

 

$

476,298

 

$

533,473

 

Accrued liabilities and other

368,075

 

347,136

 

321,847

 

Current portion of operating lease liabilities

329,465

 

306,796

 

298,993

 

Current portion of long-term debt

24,900

 

24,900

 

24,900

 

Income taxes payable

29,141

 

41,236

 

11,974

 

Total current liabilities

1,379,200

 

1,196,366

 

1,191,187

 

Long-term debt

2,633,643

 

2,644,460

 

2,655,391

 

Long-term operating lease liabilities

1,317,378

 

1,357,821

 

1,377,039

 

Other liabilities

103,010

 

85,912

 

71,102

 

Total liabilities

5,433,231

 

5,284,559

 

5,294,719

 

 
Stockholders’ Deficit:
Common Stock, $0.06775 par value, 350,000 shares authorized; 147,437 shares issued and outstanding at August 1, 2020; 146,803 shares issued and outstanding at February 1, 2020; and 155,199 shares issued and outstanding at August 3, 2019

9,897

 

9,852

 

10,419

 

Additional paid-in-capital

18,046

 

4,872

 

 

Accumulated deficit

(1,509,619

)

(1,438,357

)

(1,573,843

)

Accumulated other comprehensive loss

(28,207

)

(22,831

)

(24,146

)

Total stockholders’ deficit

(1,509,883

)

(1,446,464

)

(1,587,570

)

Total liabilities and stockholders’ deficit $

3,923,348

 

$

3,838,095

 

$

3,707,149

 

 
The Michaels Companies, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 

26 Weeks Ended

August 1,

August 3,

(in thousands)

2020

2019

Cash flows from operating activities:
Net (loss) income $

(71,262

)

$

62,238

 

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Non-cash operating lease expense

161,542

 

162,861

 

Depreciation and amortization

64,090

 

62,730

 

Share-based compensation

13,188

 

12,006

 

Debt issuance costs amortization

1,882

 

2,539

 

Loss on write-off of investment

 

5,036

 

Accretion of long-term debt, net

131

 

(262

)

Restructure charges

 

6,956

 

Impairment of intangible assets

3,500

 

 

Deferred income taxes

(2,979

)

39

 

Gain on sale of building

(101

)

 

Losses on early extinguishments of debt and refinancing costs

 

1,155

 

Changes in assets and liabilities:
Merchandise inventories

76,027

 

(148,311

)

Prepaid expenses and other

1,566

 

(10,782

)

Accounts receivable

8,384

 

37,674

 

Other assets

1,232

 

(9,391

)

Operating lease liabilities

(121,203

)

(140,287

)

Accounts payable

150,391

 

44,537

 

Accrued interest

7,367

 

(1,045

)

Accrued liabilities and other

12,406

 

(54,843

)

Income taxes

(19,953

)

(34,327

)

Other liabilities

13,541

 

(631

)

Net cash provided by (used in) operating activities

299,749

 

(2,108

)

 
Cash flows from investing activities:
Additions to property and equipment

(46,449

)

(57,533

)

Proceeds from sale of building

875

 

 

Net cash used in investing activities

(45,574

)

(57,533

)

 
Cash flows from financing activities:
Common stock repurchased

(571

)

(27,289

)

Payments on term loan credit facility

(12,450

)

(12,450

)

Payment of 2020 senior subordinated notes

 

(510,000

)

Issuance of 2027 senior notes

 

500,000

 

Borrowings on asset-based revolving credit facility

600,000

 

 

Payments on asset-based revolving credit facility

(600,000

)

 

Payment of debt refinancing costs

 

(6,032

)

Proceeds from stock options exercised

 

506

 

Net cash used in financing activities

(13,021

)

(55,265

)

 
Net change in cash and equivalents

241,154

 

(114,906

)

Cash and equivalents at beginning of period

409,964

 

245,887

 

Cash and equivalents at end of period $

651,118

 

$

130,981

 

 
The Michaels Companies, Inc.
Reconciliation of Adjusted EBITDA
(Unaudited)
 

13 Weeks Ended

26 Weeks Ended

August 1,

August 3,

August 1,

August 3,

(in thousands)

2020

2019

2020

2019

Net cash provided by (used in) operating activities $

355,276

 

$

(35,906

)

$

299,749

 

$

(2,108

)

Non-cash operating lease expense

(80,371

)

(81,490

)

(161,542

)

(162,861

)

Depreciation and amortization

(31,247

)

(31,241

)

(64,090

)

(62,730

)

Share-based compensation

(4,653

)

(4,755

)

(13,188

)

(12,006

)

Debt issuance costs amortization

(942

)

(1,302

)

(1,882

)

(2,539

)

Loss on write-off of investment

 

 

 

(5,036

)

Accretion of long-term debt, net

(65

)

132

 

(131

)

262

 

Restructure charges

 

(3,869

)

 

(6,956

)

Impairment of intangible assets

(3,500

)

 

(3,500

)

 

Deferred income taxes

118

 

101

 

2,979

 

(39

)

Gain on sale of building

 

 

101

 

 

Losses on early extinguishments of debt and refinancing costs

 

(1,155

)

 

(1,155

)

Changes in assets and liabilities

(242,373

)

184,032

 

(129,758

)

317,406

 

Net (loss) income

(7,757

)

24,547

 

(71,262

)

62,238

 

Interest expense

36,740

 

40,134

 

74,863

 

77,493

 

Income taxes

22,925

 

5,716

 

(9,448

)

20,291

 

Depreciation and amortization

31,247

 

31,241

 

64,090

 

62,730

 

Interest income

(259

)

(904

)

(1,282

)

(1,715

)

EBITDA

82,896

 

100,734

 

56,961

 

221,037

 

Adjustments:
COVID-19 expense (1)

3,679

 

 

18,527

 

 

Losses on early extinguishments of debt and refinancing costs

 

1,155

 

 

1,155

 

Share-based compensation

4,653

 

4,755

 

13,188

 

12,006

 

Restructure charges

 

3,869

 

 

6,956

 

Darice liquidation charges

52,486

 

 

52,486

 

 

Severance costs

4,072

 

950

 

4,870

 

3,491

 

Store pre-opening costs

186

 

1,743

 

1,345

 

2,969

 

Store remodel costs

234

 

2

 

449

 

68

 

Foreign currency transaction losses (gains), net

1,516

 

541

 

(330

)

468

 

Store closing costs

142

 

(126

)

811

 

(947

)

Consultant costs

4,909

 

 

4,909

 

 

CEO severance costs

 

 

 

5,569

 

Other(2)

2,916

 

1,736

 

5,661

 

2,700

 

Adjusted EBITDA $

157,689

 

$

115,359

 

$

158,877

 

$

255,472

 

(1)

Includes costs attributable to the COVID-19 pandemic including hazard pay for team members, costs associated with furloughed employees, certain inventory
charges and sanitation supplies.

(2)

Other adjustments primarily relate to items such as moving and relocation expenses, franchise taxes, sign-on bonuses, director's fees, search costs and the support center move.
 
The Michaels Companies, Inc.
Reconciliation of GAAP basis to Adjusted operating income, Adjusted net income and Adjusted earnings per share
(Unaudited)
 

13 Weeks Ended

 

26 Weeks Ended

August 1,

 

August 3,

 

August 1,

 

August 3,

(In thousands, except per share)

2020

2019

2020

2019

Operating income (loss) $

53,273

 

$

71,300

 

$

(7,405

)

$

164,030

 

Restructure charges (a)

 

3,869

 

 

6,956

 

Darice liquidation charges (b)

52,486

 

 

52,486

 

 

CEO severance costs

 

 

 

5,569

 

Adjusted operating income $

105,759

 

$

75,169

 

$

45,081

 

$

176,555

 

 
Net (loss) income $

(7,757

)

$

24,547

 

$

(71,262

)

$

62,238

 

Restructure charges (a)

 

3,869

 

 

6,956

 

Darice liquidation charges (b)

52,486

 

 

52,486

 

 

CEO severance costs

 

 

 

5,569

 

Write-off of investment (c)

 

 

 

5,036

 

Losses on early extinguishments of debt and refinancing costs

 

1,155

 

 

1,155

 

Interest on 2020 senior subordinated notes (d)

 

1,748

 

 

1,748

 

Tax adjustment for above items (e)

(12,859

)

(1,703

)

(12,859

)

(4,093

)

Change in estimated tax impact of CARES Act (f)

12,875

 

 

 

 

Adjusted net income (loss) $

44,745

 

$

29,616

 

$

(31,635

)

$

78,609

 

 
(Loss) earnings per common share, diluted $

(0.05

)

$

0.16

 

$

(0.48

)

$

0.39

 

Restructure charges (a)

 

0.02

 

 

0.04

 

Darice liquidation charges (b)

0.35

 

 

0.36

 

 

CEO severance costs

 

 

 

0.04

 

Write-off of investment (c)

 

 

 

0.03

 

Losses on early extinguishments of debt and refinancing costs

 

0.01

 

 

0.01

 

Interest on 2020 senior subordinated notes (d)

 

0.01

 

 

0.01

 

Tax adjustment for above items (e)

(0.09

)

(0.01

)

(0.09

)

(0.03

)

Change in estimated tax impact of CARES Act (f)

0.09

 

 

 

 

Adjusted earnings (loss) per common share, diluted $

0.30

 

$

0.19

 

$

(0.22

)

$

0.50

 

(a)

Excludes charges related to the closure of our Pat Catan's stores.

(b)

Excludes charges related to the closure of the Darice wholesale business which consist primarily of a $45.5 million charge in gross profit related to the liquidation of inventory and $7.0 million included in selling, general and administrative associated with the write-off of indefinite-lived intangible assets and employee-related expenses.

(c)

Excludes the write-off of an investment in a liquidated business.

(d)

Excludes interest paid on our 2020 Senior Subordinated notes during the period between the issuance of our 2027 Senior Notes and when the proceeds from that issuance were used to redeem the 2020 Senior Subordinated Notes.

(e)

Adjusts for the tax impact of the restructure charges, the Darice liquidation charges, the CEO severance costs, the write-off of an investment in a liquidated business, early extinguishments of debt and refinancing costs and interest on a portion of our 2020 senior subordinated notes.

(f)

Excludes a change in the estimated impact of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").

 
The Michaels Companies, Inc.
Summary of Operating Data
(Unaudited)
 
The following table sets forth certain of our unaudited operating data:

13 Weeks Ended

 

26 Weeks Ended

August 1,

 

August 3,

 

August 1,

 

August 3,

2020

 

2019

 

2020

 

2019

 
Store open at beginning of period

 

1,271

 

 

1,260

 

 

1,274

 

 

1,258

 

New stores

 

4

 

 

4

 

 

5

 

 

8

 

Relocated stores opened

 

 

 

1

 

 

6

 

 

8

 

Closed stores

 

 

 

(2

)

 

(4

)

 

(4

)

Relocated stores closed

 

 

 

(1

)

 

(6

)

 

(8

)

Store open at end of period

 

1,275

 

 

1,262

 

 

1,275

 

 

1,262

 

 
 
 
Other Operating Data:
Average inventory per store (in thousands)

$

797

$

944

$

797

$

944

Comparable store sales

 

12.0%

 

0.3%

 

(8.4)%

 

(1.4)%

Comparable store sales, at constant currency

 

12.3%

 

0.4%

 

(8.1)%

 

(1.1)%

 

Investor Contact:
Jim Mathias
972.409.1393
James.Mathias@michaels.com

ICR, Inc.
Farah Soi
203.682.8200
Farah.Soi@icrinc.com

or

Financial Media Contact:
ICR, Inc.
Jessica Liddell/ Julia Young
203.682.8200
Michaels@icrinc.com

Source: The Michaels Companies, Inc.