Michaels sees bright future, despite sluggish economy.(Brief Article)(Statistical Data Included)

IRVING, TEXAS -- The turbulent economy hasn't caused an ounce of hesitation for specialty craft retailer Michaels Stores, which is forging ahead with expansion plans toward ambitious sales and performance goals.

"While many others are cutting back, Michaels marches on," ceo Michael Rouleau told shareholders at the company's annual meeting earlier this month. "In the year 2002, we will be chasing $3 billion in sales."

At a time when many retailers are suffering from slow sales that worsened with the September terrorist attacks, the Texas-based craft retailer is looking forward to a profitable Halloween and Christmas--despite somber warnings to the contrary. …