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Michael Hill Sees Rise, but US Operation Lags

Oct 31, 2017 10:47 AM   By Rapaport News
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RAPAPORT... Michael Hill’s revenue grew 8% in the third quarter, driven by improved performance in Australia, New Zealand and Canada, the jeweler reported.

Group sales rose to $99.7 million (AUD 130.3 million) in the three months that ended September 30, the Australia-based company reported recently. Sales in Australia grew 6% to $55.8 million (AUD 72.9 million), while New Zealand sales increased by the same margin to $17.7 million (NZD 25.8 million). Revenue from the company’s Canada stores jumped 22% to $20.6 million (CAD 26.6 million). Same-store sales also increased in all three countries.

However, US sales slumped 15% to $2.6 million, while same-store sales there dropped 9%. The company continues to search for the correct strategy in the American market, it added.

Michael Hill opened 10 new stores under that brand name, and one under the Emma & Roe banner during the quarter. As of September 30, the group was operating 313 Michael Hill stores and 30 Emma & Roe outlets. In the fourth quarter, it plans to open three Michael Hill stores in Australia and one in Canada.
Tags: Australia, diamonds, jewellery, Jewelry, Michael Hill, New Zealand, Rapaport News
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