Apollo Shares Jump 3% as Michaels Delivers First Same-Store Sales Growth
APO•Apollo shares climbed 3% on July 7 after Michaels delivered its first same-store sales growth since its 2021 takeover, driven by expanded digital channels and cost reductions that bolstered profit margins. The crafts retailer’s operational turnaround under Apollo’s management prompted investor optimism around sustained revenue recovery and efficiency gains.
1. Apollo-Led Turnaround at Michaels
Since acquiring Michaels in 2021, Apollo has implemented store remodels, invested in e-commerce and executed cost-cutting measures that reversed traffic declines. These initiatives produced the retailer’s first same-store sales increase in several quarters and delivered margin expansion, fueling a 3% uptick in Apollo’s stock on July 7.
