Pandemic Trends and Online Sales Send Michaels’ Stock Soaring
The arts-and-crafts retailer's share price is up more than 50% since Friday's close
Over the course of the pandemic, Michaels' ecommerce sales have risen nearly 300%.
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Key Insights:
- The toy and hobby category performs well during recessions.
- People are also crafting to provide additional income.
Following a slow start to 2020, Michaels appears to be making up for lost time: The arts-and-crafts retailer’s stock is up over 50% today compared to Friday’s close.
