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Michael Hill’s 1H Revenue +10%, Same-Store Sales +5%
Feb 17, 2016 11:09 AM
By Rapaport News
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RAPAPORT...
Michael Hill reported group-wide first-half revenue jumped 9.7
percent year on year to $221.1 million (AUD 310.8 million). Same-store sales rose
5.4 percent in the six months that ended December 31.
Profit for the
period climbed 5.1 percent to $17.7 million from a year ago, according to a
statement February 11.
Sales in
Australia, the jeweler’s largest regional sector, advanced 4.2 percent in local
currency, while same-store sales increased 3.4 percent. Revenue grew 6.7
percent in New Zealand in local currency, and same-store sales jumped by the
same amount, because of continued strength of the Auckland economy.
Canadian sales
surged 19 percent in local currency and same-store sales a 5.6 percent as the
segment reached “critical mass” in the country’s largest provinces. In the
U.S., the three-month closure of the Woodfield Mall in Chicago negatively
affected revenue, which still increased 24.7 percent in U.S. dollar terms.
Same-store sales in the U.S. increased 0.6 percent.
Same-store
sales for the Emma & Roe brand, launched in April 2014, soared 49 percent
in the first half. Michael Hill expects a trial of the brand will continue for
the rest of the fiscal year before a decision is made whether to proceed with a
full expansion program.
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Tags:
Australia, Canada, Jewelry, Michael Hill, New Zealand, Rapaport News, retail, retailers, u.s.
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