History of Michaels® Stores, Inc.
Michaels® became a publicly held company in 1984 with 16 stores, mostly in Texas. During the early 1990's we embarked on an aggressive national expansion program. By 1995, we had more than tripled our store base to over 500 stores through new store openings and acquisitions, accomplishing our goal of becoming the nation's largest specialty retailer in our industry. During fiscal 2000, Michaels continued to build on its strong foundation, ending the year with 628 Michaels stores and 119 Aaron Brothers locations, and delivering yet another year of record growth and strategic accomplishments. Sales surpassed the $2 billion mark; net income increased 29%, demonstrating our ability to sustain strong sales and profit growth. For the fourth straight year, the Company has delivered increases in net income exceeding 25%.