Michaels Stores, Inc. operates as an arts and crafts specialty retailer in North America. Its stores offer arts, crafts, framing, floral, home décor, and seasonal merchandise for the hobbyists and do-it-yourself home decorators. The company also provides photo frames, ready-made frames, art prints, framed arts, art supplies, and custom framing services. As of August 1, 2015, it owned and operated 1,186 Michaels stores in the 49 states of the United States, as well as in Canada; and 118 Aaron Brothers stores. In addition, Michaels Stores, Inc. produces private brands, including Recollections, Studio Decor, Bead Landing, Creatology, Ashland, Celebrate It, Art Minds, Artist's Loft, Craft Smart,...
8000 Bent Branch Drive
Irving, TX 75063
Founded in 1962
Michaels Stores, Inc. Presents at Barclays High Yield Bond & Syndicated Loan Conference, Jun-09-2016 01:25 PM
Jun 3 16
Michaels Stores, Inc. Presents at Barclays High Yield Bond & Syndicated Loan Conference, Jun-09-2016 01:25 PM. Venue: The Broadmoor, 1 Lake Avenue, Colorado Springs, Colorado, United States. Speakers: Charles M. Sonsteby, Chief Financial Officer and Chief Administrative Officer.
Michaels Stores, Inc. Enters into Third Amended and Restated Credit Agreement
May 27 16
On May 27, 2016, Michaels Stores, Inc. (MSI), as lead borrower, and certain of its subsidiaries as borrowers or facility guarantors, Wells Fargo Bank, National Association (Wells Fargo), as administrative agent, collateral agent, issuing bank and swingline lender, the lenders party thereto and the other agents named therein entered into a Third Amended and Restated Credit Agreement to amend various terms of MSIs second amended and restated credit agreement, dated as of September 17, 2012. The Amended Revolving Credit Agreement, together with related security, guarantee and other agreements, is referred to as the Amended Revolving Credit Facility. The Amended Revolving Credit Facility provides for senior secured financing of up to $850 million, subject to a borrowing base, maturing on May 27, 2021 (the Maturity Date), subject to an earlier springing maturity date if certain of its outstanding indebtedness remains outstanding in principal amount in excess of $100 million and has not been repaid, redeemed, refinanced or cash collateralized or the administrative agent has not taken a reserve therefor as of the 60th day prior to the stated maturity date of such other indebtedness.
Michaels Stores, Inc. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended October 31, 2015 ; Provides Earnings Guidance for the Fourth Quarter and Full Year of Fiscal 2015
Dec 3 15
Michaels Stores, Inc. announced unaudited consolidated earnings results for third quarter and nine months ended October 31, 2015. For the quarter, the company reported net sales of $1,168,423,000, operating income of $155,852,000, income before income taxes of $121,900,000, net income of $76,797,000 or $0.37 per diluted share, net cash provided by operating activities of $94,638,000, adjusted EBITDA of $191,112,000 compared to the net sales of $1,130,195,000, operating income of $142,479,000, income before income taxes of $100,225,000, net income of $64,064,000 or $0.31 per diluted share, net cash provided by operating activities of $161,238,000, adjusted EBITDA of $180,600,000 for the same quarter a year ago.
For the nine months, the company reported net sales of $3,230,293,000, operating income of $396,416,000, income before income taxes of $284,206,000, net income of $179,246,000 or $0.85 per diluted share, net cash provided by operating activities of $7,493,000, additions to property and equipment of $89,726,000, adjusted EBITDA of $502,002,000 compared to the net sales of $3,130,393,000, operating income of $332,571,000, income before income taxes of $104,821,000, net income of $60,835,000 or $0.32 per diluted share, net cash provided by operating activities of $36,502,000, additions to property and equipment of $104,724,000, adjusted EBITDA of $481,449,000 for the same period a year ago.
The Company expected diluted earnings per share of $1.68 to $1.71 for full year fiscal 2015. This guidance includes the opening of one more Michaels store in the last quarter of fiscal 2015. It assumes total annual net sales growth of 2.9% to 3.2% or 4.3% to 4.6% on a constant currency basis, comparable store sales growth of 0.9% to 1.2%, or 2.3% to 2.6% on a constant currency basis and operating income of $704 to $715 million. The effective tax rate is expected to be approximately 36.9%.
This full year outlook implies fourth quarter comparable store sales growth of 0.5% to 1.5% or 1.9% to 2.9% on a constant currency basis, operating income of $308 to $319 million and diluted earnings per share of $0.82 to $0.85.