The increase in comp store sales increase for the fiscal year were driven by a .5% increase in transactions, a 2.7% increase in average ticket and a .4% increase in custom frame deliveries.
"We expect fiscal 2005 to be our ninth year of record operating results with industry leading financial returns," said President and CEO Michael Rouleau in a company statement.
For the fourth quarter total sales were $1.270 billion, a 7.2% increase over last year's fourth quarter sales of $1.185 billion. Same-store sales for the quarter increased 2.4% on a 2.2% increase in average ticket and a .2% increase in transactions. A favorable Canadian currency translation added approximately 0.2% to the average ticket increase for the fourth quarter and approximately 0.4% for the fiscal year.
Same-store sales for the fourth quarter were strongest in the Southeast, Southwest and Pacific regions of the country, according to the chain, which operates 891 Michaels stores in 48 states and Canada, 166 Aaron Brothers stores, 11 Recollections stores and four Star Wholesale operations. The best performing categories included jewelry and beads, candles, bakeware, kids' crafts, art and frames.
Rouleau contends that the chain is "well-positioned" to expand its market share during fiscal 2006. However, Michaels is expecting consumer interest in fashion yarn to dampen comparable store sales during the first quarter of fiscal 2006. The company plans to release its fourth quarter fiscal 2005 earnings in March 2006.
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