Tariff Quote Watch: Michaels Group Crafts A Multi-Pronged Tariff Strategy — Panjiva
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Tariff Quote Watch: Michaels Group Crafts A Multi-Pronged Tariff Strategy

China 1758 Cons. Discr. - Retailing 156 Tariff Quote Watch 91 Tariffs 1169 U.S. 3297

Hobby retailer Michaels Group could face $40 million in increased costs from U.S. tariffs on Chinese exports in 2019 but has a “number of levers including sourcing from countries other than China” to mitigate the effect according to CFO Denise Paulonis. These could nonetheless not be felt “for months to come”, CEO Carl Rubin has stated. The company relies on China, including Hong Kong, for 78.8% of seaborne imports in the 12 months to July 31 and accelerated shipments by 44.4% on a year earlier in the three months to Oct. 31. The company has the option to increase...

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