Michaels Stores Inc, North America's largest arts and crafts retailer, reported same-store sales rose 2.9 percent in the second quarter, helped by more transactions and a big sales jump in its framing services.
The retailer, majority-owned by private equity firms Blackstone Group LP and Bain Capital LP, on Thursday reported a 30 percent jump in net income to $13 million for the quarter ended July 28 on sales of $892 million. Overall sales were up 4.1 percent.
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Michaels, which operates 1,079 namesake stores in North America, filed in March to list shares publicly.
Its CEO resigned last month because of a stroke. The company gave no update on the search for a new chief.