Michaels reports third-quarter sales up 15%

The Michaels Companies, Inc. announced a third-quarter fiscal 2020 net sales increase of 15.1% to $1.406 billion; comparable store sales increase of 16.3%; including e-commerce growth of 128.0%.

“Michaels delivered strong third-quarter results highlighted by comparable-store sales growth of 16.3%, which was driven by robust consumer demand, improved retail execution and continued progress against our strategic initiatives,” said Ashley Buchanan, CEO, Michaels. “Our expanded omnichannel capabilities, Maker-centric branding, and increasingly personalized marketing resonated well with customers. We also benefited from progress we made on our ongoing efforts around strategic inventory management, streamlined store operations and a disciplined approach to pricing and promotions. Importantly, we strengthened our balance sheet by paying down $150 million in debt and increased our financial flexibility by refinancing and significantly extending the maturity of our term loan.”