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Michael Hill Sales +9.9%, Same-Store Sales +6%

Oct 8, 2015 3:19 AM   By Rapaport News
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RAPAPORT... Michael Hill reported a 9.9 percent increase in sales to $80.8 million (AUD 112.5 million) for the three months through September, while same-store sales rose 6 percent to $76.8 million.

The New Zealand-based retailer has also released results for the Emma & Roe brand for the first time, with same-store sales rising 44.6 percent to $813,964. It said the directors were pleased with sales of the brand, which is still in the second year of a trial phase, and added that it plans to open an two new stores in the coming months, bringing the total to 11.

This would take the brand to a critical mass in the South East Queensland market and give the company the best indication of its commercial viability, it commented.

Meanwhile, the group said in a statement that Michael Hill New Zealand same-store sales grew 8.6 per cent in local currency to $15.6 million (NZD 23.6 million), while same-store sales for the main brand in Canada nudged up 2.9 percent to $12 million (CAD 23.6 million). The group opened three new Michael Hill stores, giving a total of 291 stores trading at the end of the quarter.

U.S. same-store sales for the brand were up by just 1.2 percent to $2.1 million.

The statement said gross margins had been under pressure due to the strengthening U.S. dollar against the other currencies, but said “appropriate action” had been taken and that its gross margin should be steady for the period against the corresponding period last year. The dollar gained ground on all major currencies in the period, save for the euro and Japanese yen, according to data compiled by Bloomberg.
Tags: earnings, Michael Hill, Rapaport News
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