Dive Brief:
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Irving, TX-based Michaels Co. reported a Q2 loss thanks to costs from its recent IPO and higher interest rates, the company said.
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But Q2 sales rose 4.9% to $948 million compared to $904 million last year. Q2 same-store sales rose 3.2%, and the company raised its forecast for the year.
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The arts and crafts retailer returned to being a publicly traded company with an IPO in June that raised $472.6 million.
Dive Insight:
Arts and crafts retailer Michaels seems focused in its sales strategies and sanguine in its outlook since going public earlier this summer.
One noticeable bit from the retailer's earnings conference addressed Michaels e-commerce plans. CEO Chuck Rubin said that the company's online game will be smaller than other retailers, given its large inventory and pricing model. Rather than encouraging online sales, Michaels has added WiFi to all its stores, which allows customers to pull up inspiration from online and Pinterest while shopping for their next project.