Michaels Stores, the world's largest retailer of arts and crafts supplies, announced that their net income for their second quarter (ended July 29th) was $20.3 million, up from $16.5 million in the first quarter of the year. In addition, total sales for the second quarter were $768.3 million, a 3.1% increase over last year's second quarter sales.
What was interesting was that the company's strongest category performances were in General Crafts, primarily driven by Jewelry and Beads, Apparel Crafts, Impulse and Kids Crafts businesses.
What does this mean? To me, it means that interest in crafting is at an all-time high! And, this is the perfect time to create your own successful craft business.
To see the full press release, just click on this link: Michaels Stores, Inc. Reports Second Quarter Earnings: Financial News - Yahoo! Finance
Happy Crafting!
Chuck Smith
Technorati Tags: craft business, crafts, jewelry and beads, paper crafts, scrapbooking
Friday, August 25, 2006
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