{"id":450779,"date":"2021-03-04T09:03:09","date_gmt":"2021-03-04T14:03:09","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=450779"},"modified":"2021-03-04T09:03:09","modified_gmt":"2021-03-04T14:03:09","slug":"the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/","title":{"rendered":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results"},"content":{"rendered":"

<\/p>\n

The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results<\/b><\/p>\n

IRVING, Texas–(BUSINESS WIRE<\/a>)–
\nThe Michaels Companies, Inc. (NASDAQ: MIK) today announced financial results for the fourth quarter and full year fiscal 2020 ended January 30, 2021.\n<\/p>\n

Key Financial Results: <\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n13 Weeks Ended\n<\/p>\n

\nJanuary 30, 2021\n<\/p>\n<\/td>\n

\n

\n13 Weeks Ended\n<\/p>\n

\nFebruary 1, 2020\n<\/p>\n<\/td>\n

\n

\n52 Weeks Ended\n<\/p>\n

\nJanuary 30, 2021\n<\/p>\n<\/td>\n

\n

\n52 Weeks Ended\n<\/p>\n

\nFebruary 1, 2020\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Sales\n<\/p>\n<\/td>\n

\n

\n$1,916.8M\n<\/p>\n<\/td>\n

\n

\n$1,722.6M\n<\/p>\n<\/td>\n

\n

\n$5,271.1M\n<\/p>\n<\/td>\n

\n

\n$5,072.0M\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nComp. Store Sales\n<\/p>\n<\/td>\n

\n

\n12.9%\n<\/p>\n<\/td>\n

\n

\n-2.4%\n<\/p>\n<\/td>\n

\n

\n4.8%\n<\/p>\n<\/td>\n

\n

\n-1.9%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating Income\n<\/p>\n<\/td>\n

\n

\n$342.0M\n<\/p>\n<\/td>\n

\n

\n$275.0M\n<\/p>\n<\/td>\n

\n

\n$533.5M\n<\/p>\n<\/td>\n

\n

\n$515.0M\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet Income\n<\/p>\n<\/td>\n

\n

\n$255.1M\n<\/p>\n<\/td>\n

\n

\n$181.7M\n<\/p>\n<\/td>\n

\n

\n$294.9M\n<\/p>\n<\/td>\n

\n

\n$272.6M\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDiluted Earnings per Share\n<\/p>\n<\/td>\n

\n

\n$1.72\n<\/p>\n<\/td>\n

\n

\n$1.24\n<\/p>\n<\/td>\n

\n

\n$1.98\n<\/p>\n<\/td>\n

\n

\n$1.78\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Operating Income1<\/sup><\/p>\n<\/td>\n

\n

\n$361.0M\n<\/p>\n<\/td>\n

\n

\n$278.6M\n<\/p>\n<\/td>\n

\n

\n$607.6M\n<\/p>\n<\/td>\n

\n

\n$572.6M\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Net Income 1<\/sup><\/p>\n<\/td>\n

\n

\n$249.3M\n<\/p>\n<\/td>\n

\n

\n$185.1M\n<\/p>\n<\/td>\n

\n

\n$347.0M\n<\/p>\n<\/td>\n

\n

\n$323.8M\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted Diluted Earnings per Share1 <\/sup><\/p>\n<\/td>\n

\n

\n$1.69\n<\/p>\n<\/td>\n

\n

\n$1.26\n<\/p>\n<\/td>\n

\n

\n$2.33\n<\/p>\n<\/td>\n

\n

\n$2.11\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

1 <\/sup>See additional information in this release for a reconciliation of non-GAAP financial measures to the respective GAAP measures.\n<\/p>\n

Conference Call<\/b><\/p>\n

\nGiven the recently announced agreement for Michaels to be acquired by funds affiliated with Apollo Global Management, the Company will not be hosting a conference call to discuss its financial results.\n<\/p>\n

Non-GAAP Information<\/b><\/p>\n

\nThis press release includes non-GAAP measures including adjusted operating income, adjusted net income, adjusted diluted earnings per share, EBITDA and adjusted EBITDA. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures in a table accompanying this release. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a meaningful evaluation of its quarterly and fiscal 2020 results on a comparable basis with its quarterly and fiscal 2019 results.\n<\/p>\n

\nThe Company has provided this information as a means to evaluate the results of its ongoing operations. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. Other companies in the Company’s industry may calculate these items differently than it does.\n<\/p>\n

IMPORTANT INFORMATION<\/b><\/p>\n

\nThe tender offer for the outstanding shares of The Michaels Companies, Inc. (\u201cMichaels<\/span>\u201d) common stock has not yet commenced. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Michaels common stock. The solicitation and offer to buy shares of Michaels common stock will only be made pursuant to the tender offer materials that Magic MergeCo, Inc. (\u201cMerger Sub<\/span>\u201d) intends to file with the U.S. Securities and Exchange Commission (the \u201cSEC<\/span>\u201d). Merger Sub is beneficially owned by certain equity funds managed by Apollo Management IX, L.P. At the time the tender offer is commenced, Merger Sub will file a tender offer statement on Schedule TO with the SEC, and Michaels will file a solicitation\/recommendation statement on Schedule 14D-9 with respect to the tender offer. MICHAELS\u2019 STOCKHOLDERS ARE ADVISED TO READ THE SCHEDULE TO (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO. Both the tender offer statement and the solicitation\/recommendation statement will be mailed to Michaels\u2019 stockholders free of charge. Investors and stockholders may obtain free copies of the Schedule TO and Schedule 14D-9, as each may be amended or supplemented from time to time, and other documents filed by the parties (when available) at the SEC\u2019s web site at www.sec.gov<\/a>, by contacting Michaels\u2019 Investor Relations either by telephone at 972-409-1393, e-mail at james.mathias@Michaels.com<\/a> or on Michaels\u2019 website at www.Michaels.com<\/a>.\n<\/p>\n

About The Michaels Companies, Inc.:<\/b><\/p>\n

\nThe Michaels Companies, Inc. is North America’s largest specialty provider of arts, crafts, framing, floral, wall d\u00e9cor, and seasonal merchandise for Makers and do-it-yourself home decorators. The Company operates more than 1,250 Michaels stores in 49 states and Canada. Additionally, the Company serves customers through digital platforms including Michaels.com and Canada.michaels.com. The Michaels Companies, Inc., also owns Artistree, a manufacturer of high-quality custom and specialty framing merchandise. For a list of store locations or to shop online, visit www.michaels.com<\/a> or download the Michaels app.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Comprehensive Income <\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

13 Weeks Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

(in thousands, except per share data)<\/i><\/td>\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Net sales <\/b><\/td>\n$<\/b><\/td>\n\n

1,916,842<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

1,722,608<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

5,271,112<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

5,072,037<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Cost of sales and occupancy expense<\/td>\n\n\n

\n1,106,815\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,076,610\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,315,035\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,199,780\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Gross profit<\/b><\/td>\n\n\n

810,027<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

645,998<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

1,956,077<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

1,872,257<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Selling, general and administrative<\/td>\n\n\n

\n447,032\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n370,803\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,390,620\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,304,280\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges<\/td>\n\n\n

\n19,447\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n28,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n48,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Store pre-opening costs<\/td>\n\n\n

\n1,554\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n238\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,082\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n4,608\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Operating income <\/b><\/td>\n\n\n

341,994<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

274,957<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

533,540<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

515,037<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest expense<\/td>\n\n\n

\n40,209\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n37,816\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n152,442\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n154,090\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n22,044\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,316\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other (income) expense, net<\/td>\n\n\n

\n(124\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,671\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,550\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n1,260\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/b><\/td>\n\n\n

301,909<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

238,812<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

360,604<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

358,371<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income taxes<\/td>\n\n\n

\n46,834\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n57,161\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n65,669\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n85,776\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net income <\/b><\/td>\n$<\/b><\/td>\n\n

255,075<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

181,651<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

294,935<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

272,595<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Other comprehensive income, net of tax: <\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Foreign currency and cash flow hedges<\/td>\n\n\n

\n10,853\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n85\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,387\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(8,273\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Comprehensive income <\/b><\/td>\n$<\/b><\/td>\n\n

265,928<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

181,736<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

304,322<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

264,322<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Earnings per common share:<\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Basic<\/td>\n$<\/td>\n\n

\n1.76\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n1.24\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n2.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n1.78\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n$<\/td>\n\n

\n1.72\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n1.24\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n1.98\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n1.78\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Weighted-average common shares outstanding: <\/b><\/td>\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
Basic<\/td>\n\n\n

\n144,598\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n146,638\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n146,541\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n153,134\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Diluted<\/td>\n\n\n

\n147,844\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n146,701\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n148,531\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n153,202\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
The following table sets forth the percentage relationship to net sales of each line item of our unaudited consolidated statements of comprehensive income:<\/td>\n<\/tr>\n
\n\n\n

13 Weeks Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Net sales <\/b><\/td>\n\n\n

100.0<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

100.0<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

100.0<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

100.0<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n

Cost of sales and occupancy expense<\/td>\n\n\n

\n57.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n62.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n62.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n63.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Gross profit<\/b><\/td>\n\n\n

42.3<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

37.5<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

37.1<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

36.9<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Selling, general and administrative<\/td>\n\n\n

\n23.3\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n21.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n26.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n25.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges<\/td>\n\n\n

\n1.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.5\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Store pre-opening costs<\/td>\n\n\n

\n0.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Operating income <\/b><\/td>\n\n\n

17.8<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

16.0<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

10.1<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

10.2<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest expense<\/td>\n\n\n

\n2.1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n2.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n2.9\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3.0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other (income) expense, net<\/td>\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(0.1\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/b><\/td>\n\n\n

15.8<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

13.9<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

6.8<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

7.1<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income taxes<\/td>\n\n\n

\n2.4\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3.3\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1.2\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1.7\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net income <\/b><\/td>\n\n\n

13.3<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

10.5<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

5.6<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n

\n\n\n

5.4<\/b><\/p>\n<\/td>\n

\n

%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

(in thousands, except per share data)<\/i><\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

ASSETS<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Current Assets:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Cash and equivalents<\/td>\n\n$<\/td>\n\n

\n1,194,389\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n409,964\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Merchandise inventories<\/td>\n\n\n\n

\n1,007,043\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,097,109\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other<\/td>\n\n\n\n

\n56,822\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n62,287\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Accounts receivable, net<\/td>\n\n\n\n

\n14,039\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n30,442\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Total current assets<\/td>\n\n\n\n

\n2,272,293\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,599,802\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Property and equipment, net<\/td>\n\n\n\n

\n472,563\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n430,432\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Operating lease assets<\/td>\n\n\n\n

\n1,594,554\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,610,013\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Goodwill<\/td>\n\n\n\n

\n94,290\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n94,290\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other intangible assets, net<\/td>\n\n\n\n

\n57,121\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n66,417\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n\n\n

\n19,394\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n18,201\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n\n\n

\n18,190\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n18,940\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Total assets<\/b><\/td>\n\n$<\/b><\/td>\n\n

4,528,405<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

3,838,095<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
LIABILITIES AND STOCKHOLDERS’ DEFICIT<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Current Liabilities:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Accounts payable<\/td>\n\n$<\/td>\n\n

\n858,790\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n476,298\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Accrued liabilities and other<\/td>\n\n\n\n

\n488,658\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n347,136\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Current portion of operating lease liabilities<\/td>\n\n\n\n

\n324,238\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n306,796\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Current portion of long-term debt<\/td>\n\n\n\n

\n16,700\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n24,900\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income taxes payable<\/td>\n\n\n\n

\n27,313\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n41,236\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Total current liabilities<\/td>\n\n\n\n

\n1,715,699\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,196,366\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Long-term debt<\/td>\n\n\n\n

\n2,480,953\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n2,644,460\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Long-term operating lease liabilities<\/td>\n\n\n\n

\n1,378,394\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,357,821\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n\n\n

\n54,200\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other liabilities<\/td>\n\n\n\n

\n96,329\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n85,912\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Total liabilities<\/b><\/td>\n\n\n\n

5,725,575<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

5,284,559<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Stockholders\u2019 Deficit:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Common stock, $0.06775 par value, 350,000 shares authorized; 141,608 shares issued and outstanding at January 30, 2021, 146,803 shares issued and outstanding at February 1, 2020.<\/td>\n\n\n\n

\n9,508\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,852\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Additional paid-in-capital<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n4,872\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Accumulated deficit<\/td>\n\n\n\n

\n(1,193,234\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,438,357\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Accumulated other comprehensive loss<\/td>\n\n\n\n

\n(13,444\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(22,831\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Total stockholders\u2019 deficit<\/td>\n\n\n\n

\n(1,197,170\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,446,464\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Total liabilities and stockholders\u2019 deficit<\/b><\/td>\n\n$<\/b><\/td>\n\n

4,528,405<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

3,838,095<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

(in thousands)<\/i><\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Cash flows from operating activities:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Net income<\/td>\n\n$<\/td>\n\n

\n294,935\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n272,595\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjustments to reconcile net income to cash provided by operating activities:<\/td>\n\n\n\n\n\n<\/tr>\n
Non-cash operating lease expense<\/td>\n\n\n\n

\n308,777\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n325,962\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Depreciation and amortization<\/td>\n\n\n\n

\n130,303\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n125,499\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Share-based compensation<\/td>\n\n\n\n

\n25,010\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n22,910\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Debt issuance costs amortization<\/td>\n\n\n\n

\n3,507\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n4,451\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Loss on write-off of investment<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n5,036\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Accretion of long-term debt, net<\/td>\n\n\n\n

\n1,391\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(129\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges<\/td>\n\n\n\n

\n28,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n48,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Impairment of intangible assets<\/td>\n\n\n\n

\n3,500\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n\n\n

\n52,114\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,455\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n\n

\n22,044\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,316\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Gain on sale of building<\/td>\n\n\n\n

\n(101\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Changes in assets and liabilities:<\/td>\n\n\n\n\n\n<\/tr>\n
Merchandise inventories<\/td>\n\n\n\n

\n88,183\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,504\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Prepaid expenses and other<\/td>\n\n\n\n

\n4,869\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,671\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Accounts receivable<\/td>\n\n\n\n

\n14,627\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n29,516\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other assets<\/td>\n\n\n\n

\n198\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(3,562\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Operating lease liabilities<\/td>\n\n\n\n

\n(277,375\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(323,010\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Accounts payable<\/td>\n\n\n\n

\n389,756\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(14,787\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Accrued interest<\/td>\n\n\n\n

\n6,978\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(2,192\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Accrued liabilities and other<\/td>\n\n\n\n

\n128,671\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(36,020\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Income taxes<\/td>\n\n\n\n

\n(5,323\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n17,647\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other liabilities<\/td>\n\n\n\n

\n1,537\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(1,019\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Net cash provided by operating activities<\/b><\/td>\n\n\n\n

1,222,436<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

493,175<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from investing activities:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Additions to property and equipment<\/td>\n\n\n\n

\n(162,004\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(120,545\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Proceeds from sale of building<\/td>\n\n\n\n

\n875\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Acquisition of intangible assets<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(58,000\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Net cash used in investing activities<\/b><\/td>\n\n\n\n

(161,129<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n\n

(178,545<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Cash flows from financing activities:<\/b><\/td>\n\n\n\n\n\n<\/tr>\n
Common stock repurchased<\/td>\n\n\n\n

\n(91,118\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(107,997\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Payments on term loan credit facility<\/td>\n\n\n\n

\n(545,950\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(24,900\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Borrowings on asset-based revolving credit facility<\/td>\n\n\n\n

\n600,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n23,200\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Payments on asset-based revolving credit facility<\/td>\n\n\n\n

\n(600,000\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(23,200\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Payment of 2020 senior subordinated notes<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(510,000\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Issuance of senior notes<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n500,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Issuance of senior secured notes<\/td>\n\n\n\n

\n375,000\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Payment of debt refinancing costs<\/td>\n\n\n\n

\n(26,812\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(8,162\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Proceeds from stock options exercised<\/td>\n\n\n\n

\n12,473\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n506\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other financing activities<\/td>\n\n\n\n

\n(475\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net cash used in financing activities<\/b><\/td>\n\n\n\n

(276,882<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n

\n\n\n

(150,553<\/b><\/p>\n<\/td>\n

\n

)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net change in cash and equivalents<\/td>\n\n\n\n

\n784,425\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n164,077\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Cash and equivalents at beginning of period<\/td>\n\n\n\n

\n409,964\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n245,887\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Cash and equivalents at end of period<\/td>\n\n$<\/td>\n\n

\n1,194,389\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n409,964\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of Adjusted EBITDA <\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

13 Weeks Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

(in thousands)<\/i><\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Net cash provided by operating activities<\/b><\/td>\n\n$<\/td>\n\n

\n509,576\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n386,808\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n$<\/td>\n\n

\n1,222,436\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/td>\n\n

\n493,175\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Non-cash operating lease expense<\/td>\n\n\n\n

\n(67,737\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(81,704\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(308,777\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(325,962\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Depreciation and amortization<\/td>\n\n\n\n

\n(34,921\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(31,474\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(130,303\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(125,499\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Share-based compensation<\/td>\n\n\n\n

\n(5,251\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(4,246\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(25,010\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(22,910\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Debt issuance costs amortization<\/td>\n\n\n\n

\n(750\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(942\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(3,507\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(4,451\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Loss on write-off of investment<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(5,036\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Accretion of long-term debt, net<\/td>\n\n\n\n

\n(911\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(66\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(1,391\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n129\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges<\/td>\n\n\n\n

\n(19,447\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n(28,835\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(48,332\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Impairment of intangible assets<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n(3,500\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Deferred income taxes<\/td>\n\n\n\n

\n(52,403\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(19,439\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(52,114\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(9,455\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n(22,044\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,316\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Gain on sale of building<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n101\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Changes in assets and liabilities<\/td>\n\n\n\n

\n(73,081\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(67,286\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(352,121\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n322,252\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Net income <\/b><\/td>\n\n\n\n

255,075<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

181,651<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

294,935<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

272,595<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest expense<\/td>\n\n\n\n

\n40,209\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n37,816\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n152,442\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n154,090\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Income taxes<\/td>\n\n\n\n

\n46,834\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n57,161\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n65,669\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n85,776\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Depreciation and amortization<\/td>\n\n\n\n

\n34,921\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n31,474\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n130,303\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n125,499\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest income<\/td>\n\n\n\n

\n(144\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(1,172\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(1,570\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(3,185\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

EBITDA<\/b><\/td>\n\n\n\n

376,895<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

306,930<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

641,779<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

634,775<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjustments:<\/td>\n\n\n\n\n\n\n\n\n\n\n\n\n<\/tr>\n
COVID-19 expense (1)<\/sup><\/td>\n\n\n\n

\n683\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n19,842\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n22,044\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,316\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Share-based compensation<\/td>\n\n\n\n

\n5,251\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n4,246\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n25,010\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n22,910\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges<\/td>\n\n\n\n

\n19,447\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n28,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n48,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Darice liquidation charges<\/td>\n\n\n\n

\n(467\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n45,244\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Severance costs<\/td>\n\n\n\n

\n3,435\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n431\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n8,972\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n5,607\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Store pre-opening costs<\/td>\n\n\n\n

\n1,554\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n238\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n3,082\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n4,608\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Store remodel costs<\/td>\n\n\n\n

\n64\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n94\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n1,739\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n337\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Foreign currency transaction losses (gains), net<\/td>\n\n\n\n

\n314\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(383\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n\n

\n(8\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n276\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Store closing costs<\/td>\n\n\n\n

\n621\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n313\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n1,528\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(156\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Consultant costs<\/td>\n\n\n\n

\n6,476\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n20,625\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

CEO transition costs(2)<\/sup><\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,668\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,236\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Other(3)<\/sup><\/td>\n\n\n\n

\n4,203\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n2,173\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n\n

\n11,846\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n6,661\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjusted EBITDA <\/b><\/td>\n\n$<\/b><\/td>\n\n

418,476<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

317,710<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n$<\/b><\/td>\n\n

830,538<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

733,902<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

(1)<\/sup><\/p>\n<\/td>\n

\nIncludes costs attributable to the COVID-19 pandemic including hazard pay for team members, costs associated with furloughed employees, certain inventory charges and sanitation supplies. This amount also includes $8.0 million of wage subsidies resulting form COVID-19 relief legislation.<\/td>\n<\/tr>\n
\n

(2)<\/sup><\/p>\n<\/td>\n

\nCEO transition costs include $5.6 million of severance paid to our previous CEO and a $3.7 million sign-on bonus for our new CEO.<\/td>\n<\/tr>\n
\n

(3)<\/sup><\/p>\n<\/td>\n

\nOther adjustments primarily relate to items such as moving and relocation expenses, franchise taxes, sign-on bonuses, director’s fees, search costs and the support center move.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Reconciliation of GAAP basis to Adjusted operating income, Adjusted net income and Adjusted earnings per share<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

13 Weeks Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

(In thousands, except per share)<\/i><\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

Operating income<\/b><\/td>\n\n$<\/b><\/td>\n\n

341,994<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

274,957<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

533,540<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

515,037<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges (a)<\/td>\n\n\n\n

\n19,447\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n28,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n48,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Darice liquidation (income) charges (b)<\/td>\n\n\n\n

\n(467\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n45,244\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

CEO transition costs (c)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,668\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,237\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjusted operating income <\/b><\/td>\n\n$<\/b><\/td>\n\n

360,974<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

278,625<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

607,619<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

572,606<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Net income<\/b><\/td>\n\n$<\/b><\/td>\n\n

255,075<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

181,651<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

294,935<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

272,595<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges (a)<\/td>\n\n\n\n

\n19,447\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n28,835\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n48,332\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Darice liquidation (income) charges (b)<\/td>\n\n\n\n

\n(467\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n45,244\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

CEO transition costs (c)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n3,668\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n9,237\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Write-off of investment (d)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n5,036\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n22,044\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,316\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest on 2020 senior subordinated notes (e)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n1,748\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Tax adjustment for above items<\/td>\n\n\n\n

\n(6,358\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(257\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(25,706\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(14,489\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Tax benefit in connection with the CARES Act<\/td>\n\n\n\n

\n(18,374\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(18,374\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjusted net income <\/b><\/td>\n\n$<\/b><\/td>\n\n

249,323<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

185,062<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

346,978<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

323,775<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Earnings per common share, diluted<\/b><\/td>\n\n$<\/b><\/td>\n\n

1.72<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

1.24<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

1.98<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

1.78<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Restructure and impairment charges (a)<\/td>\n\n\n\n

\n0.13\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.19\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.32\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Darice liquidation (income) charges (b)<\/td>\n\n\n\n

\n(0.00\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.30\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

CEO transition costs (c)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.02\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.06\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Write-off of investment (d)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.03\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Losses on early extinguishments of debt and refinancing costs<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.15\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Interest on 2020 senior subordinated notes (e)<\/td>\n\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n0.01\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Tax adjustment for above items<\/td>\n\n\n\n

\n(0.04\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(0.00\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(0.17\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n(0.09\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Tax benefit in connection with the CARES Act<\/td>\n\n\n\n

\n(0.12\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n\u2014\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n\n

\n(0.12\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Adjusted earnings per common share, diluted<\/b><\/td>\n\n$<\/b><\/td>\n\n

1.69<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

1.26<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

2.33<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n$<\/b><\/td>\n\n

2.11<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n
\n

\n(a)\n<\/p>\n<\/td>\n

\nFiscal 2020 excludes $19.4 million of impairment charges related to the closure of 13 underperforming stores and $9.4 million of impairment charges related to the relocation of our support center. Fiscal 2019 excludes charges related to the closure of our Pat Catan’s stores and impairment charges recorded as a result of lower than expected operating performance in our wholesale business.<\/td>\n<\/tr>\n
\n

\n(b)\n<\/p>\n<\/td>\n

\nExcludes (income) charges related to the closure of the Darice wholesale business.<\/td>\n<\/tr>\n
\n

\n(c)\n<\/p>\n<\/td>\n

\nExcludes $5.6 million of severance paid to our previous CEO and a $3.7 million sign-on bonus for our new CEO.<\/td>\n<\/tr>\n
\n

\n(d)\n<\/p>\n<\/td>\n

\nExcludes the write-off of an investment in a liquidated business.<\/td>\n<\/tr>\n
\n

\n(e)\n<\/p>\n<\/td>\n

\nExcludes interest paid on our 2020 Senior Subordinated notes during the period between the issuance of our 2027 Senior Notes and when the proceeds from that issuance were used to redeem the 2020 Senior Subordinated Notes.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
<\/tr>\n
\n

The Michaels Companies, Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Summary of Operating Data<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

The following table sets forth certain of our unaudited operating data:<\/td>\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

13 Weeks Ended<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

52 Weeks Ended<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

January 30,<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

February 1,<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2021<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

2020<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Store open at beginning of period<\/td>\n\n\n

\n1,272\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n1,274\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n1,274\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n1,258\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

New stores<\/td>\n\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n6\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n21\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Relocated stores opened<\/td>\n\n\n

\n1\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n8\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n13\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Closed stores<\/td>\n\n\n

\n(18\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n(25\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n(5\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Relocated stores closed<\/td>\n\n\n

\n(3\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n–\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n(11\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n

\n\n

\n(13\n<\/p>\n<\/td>\n

\n

\n)\n<\/p>\n<\/td>\n<\/tr>\n

Store open at end of period<\/td>\n\n\n

1,252<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

1,274<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

1,252<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

1,274<\/b><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Other Operating Data:<\/b><\/td>\n\n\n\n\n\n\n\n<\/tr>\n
Average inventory per store (in thousands)<\/td>\n\n\n

\n$ 800\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$ 816\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$ 800\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n\n

\n$ 816\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

Comparable store sales<\/td>\n\n\n

\n12.9\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n(2.4\n<\/p>\n<\/td>\n

\n

\n)%\n<\/p>\n<\/td>\n

\n\n

\n4.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n(1.9\n<\/p>\n<\/td>\n

\n

\n)%\n<\/p>\n<\/td>\n<\/tr>\n

Comparable store sales, at constant currency<\/td>\n\n\n

\n12.7\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n(2.5\n<\/p>\n<\/td>\n

\n

\n)%\n<\/p>\n<\/td>\n

\n\n

\n4.8\n<\/p>\n<\/td>\n

\n

\n%\n<\/p>\n<\/td>\n

\n\n

\n(1.8\n<\/p>\n<\/td>\n

\n

\n)%\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\n\n\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210304005255\/en\/<\/a><\/span><\/p>\n

Investor Contact:
\n<\/b>
Jim Mathias
\n
972.409.1393
\n
James.Mathias@michaels.com<\/a><\/p>\n

KEYWORDS:<\/b> Texas United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Home Goods Other Retail Other Manufacturing Specialty Consumer Other Consumer Manufacturing Retail<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results IRVING, Texas–(BUSINESS WIRE)– The Michaels Companies, Inc. (NASDAQ: MIK) today announced financial results for the fourth quarter and full year fiscal 2020 ended January 30, 2021. Key Financial Results: \u00a0 13 Weeks Ended January 30, 2021 13 Weeks Ended February 1, 2020 52 Weeks Ended January 30, 2021 52 Weeks Ended February 1, 2020 Net Sales $1,916.8M $1,722.6M $5,271.1M $5,072.0M Comp. Store Sales 12.9% -2.4% 4.8% -1.9% Operating Income $342.0M $275.0M $533.5M $515.0M Net Income $255.1M $181.7M $294.9M $272.6M Diluted Earnings per Share $1.72 $1.24 $1.98 $1.78 Adjusted Operating Income1 $361.0M $278.6M $607.6M $572.6M Adjusted Net Income 1 $249.3M $185.1M $347.0M $323.8M Adjusted Diluted Earnings per Share1 $1.69 … <\/p>\n

Continue reading “The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-450779","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results IRVING, Texas–(BUSINESS WIRE)– The Michaels Companies, Inc. (NASDAQ: MIK) today announced financial results for the fourth quarter and full year fiscal 2020 ended January 30, 2021. Key Financial Results: \u00a0 13 Weeks Ended January 30, 2021 13 Weeks Ended February 1, 2020 52 Weeks Ended January 30, 2021 52 Weeks Ended February 1, 2020 Net Sales $1,916.8M $1,722.6M $5,271.1M $5,072.0M Comp. Store Sales 12.9% -2.4% 4.8% -1.9% Operating Income $342.0M $275.0M $533.5M $515.0M Net Income $255.1M $181.7M $294.9M $272.6M Diluted Earnings per Share $1.72 $1.24 $1.98 $1.78 Adjusted Operating Income1 $361.0M $278.6M $607.6M $572.6M Adjusted Net Income 1 $249.3M $185.1M $347.0M $323.8M Adjusted Diluted Earnings per Share1 $1.69 … Continue reading "The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-04T14:03:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results\",\"datePublished\":\"2021-03-04T14:03:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/\"},\"wordCount\":1912,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/\",\"name\":\"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en\",\"datePublished\":\"2021-03-04T14:03:09+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#primaryimage\",\"url\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en\",\"contentUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/","og_locale":"en_US","og_type":"article","og_title":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk","og_description":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results IRVING, Texas–(BUSINESS WIRE)– The Michaels Companies, Inc. (NASDAQ: MIK) today announced financial results for the fourth quarter and full year fiscal 2020 ended January 30, 2021. Key Financial Results: \u00a0 13 Weeks Ended January 30, 2021 13 Weeks Ended February 1, 2020 52 Weeks Ended January 30, 2021 52 Weeks Ended February 1, 2020 Net Sales $1,916.8M $1,722.6M $5,271.1M $5,072.0M Comp. Store Sales 12.9% -2.4% 4.8% -1.9% Operating Income $342.0M $275.0M $533.5M $515.0M Net Income $255.1M $181.7M $294.9M $272.6M Diluted Earnings per Share $1.72 $1.24 $1.98 $1.78 Adjusted Operating Income1 $361.0M $278.6M $607.6M $572.6M Adjusted Net Income 1 $249.3M $185.1M $347.0M $323.8M Adjusted Diluted Earnings per Share1 $1.69 … Continue reading \"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-04T14:03:09+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results","datePublished":"2021-03-04T14:03:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/"},"wordCount":1912,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/","name":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en","datePublished":"2021-03-04T14:03:09+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#primaryimage","url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en","contentUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210304005255r1&sid=flmnd&distro=nx&lang=en"},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-michaels-companies-announces-fourth-quarter-and-full-year-fiscal-2020-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"The Michaels Companies Announces Fourth Quarter and Full Year Fiscal 2020 Results"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/450779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=450779"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/450779\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=450779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=450779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=450779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}