Michaels shares rise after it announces UPS partnership [MarketWatch]
THE MICHAELS COMPANIES (MIK)
Last the michaels companies earnings: 3/17 07:00 am
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Source: MarketWatch
Michaels shares rise after it announces UPS partnership Michaels Cos. Inc. MIK, +4.93% shares rose 4.4% in Monday trading after it said that 1,100 of its stores will now serve as pick-up and drop-off points for United Parcel Service Inc. UPS, -0.63% packages. In total, Michaels has 1,200 stores in the U.S. and Canada. Customers can have packages routed to their local Michaels store for delivery, and can ship returns from one of the arts-and-crafts stores. A similar program, through a partnership between Kohl's Corp. KSS, +2.01% and Amazon.com Inc. AMZN, +0.22% , allows customers to send Amazon returns through Kohl's locations. Experts say it's a cost saver for Amazon and a traffic driver for Kohl's. Michaels stock has sunk 39% over the past year, UPS shares have inched up 0.2%, and the S&P 500 index SPX, +0.10% has gained 2.3% for the period.
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