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Michaels Companies (Nasdaq: MIK) | Company Profile, History, Competitors


Michaels Stores (NASDAQ: MIK) is the largest US retailer of arts and crafts. It operates over 1,150 stores in US and Canada. It was founded in 1973 and headquartered in Irving, TX.

Michaels was founded in 1973 by Michael J. Dupey. In 2006, the company was acquired by private equity firms Bain Capital and Blackstone. In 2014, it went public.

Michaels size and scale allows it to quickly adapt to changing trends in arts and crafts. The company has a strong presence in the DIY custom category. The company also focuses heavily on social media to identify changes in the industry. 

Business Overview

Michaels sells a large selection of arts and crafts products including kids and general crafts, air supplies, framing, scrapbooking and seasonal/home decor. 

In addition to the core arts and crafts, Michaels has a strong custom business in framing and floral design. Michaels benefits from vertical integration through its Artistree subsidiary. Michaels has more than one-third of the custom framing market.

Michaels is a leader in private label penetration with over 50% of revenues coming from private label products.

Social Media

Michaels uses social media platforms like Pinterest and Youtube to inspire customers to make craft projects and instruct them in DIY. The company also uses celebrity segments, such as Snoop Dogg, to gain visibility among beginners.  


Michaels is the largest player in the arts and crafts industry. Its next largest competitor is Hobby Lobby, which is more value focused and has a higher mix of home decor. Jo-Ann and Crafts Stores also competes with Michaels, but has a greater focus on sewing.


Michaels was founded in 1973 by Michael J. Dupey. In 1982, Sam Wyly bought a majority stake in the company. In 1984, the company went public.

In 2006, the company was taken private by Bain Capital and Blackstone for $6 billion. In 2014, the company went public again.


Carl S. Rubin (CEO): Carl Rubin serves as CEO since 2013. Prior, he was COO of Ulta Salon, Cosmetics & Fragrances. Prior, he was President of the North American Retail division of Office Depot and partner at Accenture.

Denise A. Paulonis (CFO): Denise Paulonis serves as CFO since 2016. Prior, she was SVP, VP of Finance and Investor Relations. She also served in roles at Frito Lay and PepsiCo.


 $ USD in millions    2013    2014 2015 2016 2017
 Revenues $4,570 $4,738 $4,913 $5,197 $5,362 
 Gross Profit $1,822 $1,901  $1,968  $2,028  $2,129 
 Operating Profit $610 $627  $721  $715  $735 
 Net Income $243 $217 $263  $378  $391 
 EPS $1.39  $1.07  $1.75  $1.84  $2.11