In 1984, with only 16 stores located primarily in Texas, Michaels Stores, Inc. (NYSE: MIK) became a publicly held company. Shortly thereafter, we embarked on an aggressive national expansion program, and by 1995, through a series of new store openings and acquisitions, we had increased our holdings to 500 stores, more than tripling our size to become the largest specialty retailer in the industry.
During fiscal 2003, Michaels Stores, Inc. continued to build on its solid foundation. We ended the year with 805 Michaels and 158 Aaron Brothers stores, delivering a seventh consecutive year of record growth. Total sales surpassed the $3.0 billion mark and net income increased by 20%.
Since our founding, the family of Michaels Stores, Inc., the nation’s largest retailer of arts and crafts materials, has been helping crafters of all ages express their imaginations with skill and originality. With a broad assortment of products, knowledgeable and friendly associates, in-store events, classrooms, and instructional displays, we offer a shopping experience that inspires our customers to pursue their creative goals. At Michaels Stores, Inc. we provide the ideas and education to complete an array of artistic, leisure, and home décor projects for beginners and experts from start to finish.
Michaels stores can be found in 48 states and Canada and offer a large selection of arts, crafts, framing, floral, wall décor, and seasonal merchandise. They carry 40,000 items and average 18,200 square feet of selling space and $3.9 million in sales. As of January 31, 2004, we had 805 Michaels stores in operation.