Apollo-Backed Michaels Reports Year-Over-Year Drop in Net Sales

Apollo-backed craft store chain Michaels Cos. saw net sales decrease 6.5% year-over-year to $1.15 billion, according to a report reviewed by Bloomberg.

• Adjusted Ebitda, a measure of earnings, was $131.3 million, compared to $133.3 million in the same period last year
• Comparable store sales declined 7% for the quarter and inventory fell almost 18% compared to last year
• Apollo declined to comment. A representative for Michaels didn’t respond to requests for comment
• During the quarter, the company repurchased $8 million face value of 7.875% unsecured notes. For the nine-months to date, the company has retired $47 million face value of ...