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Store Growth Drives Michael Hill Sales
Feb 21, 2017 10:40 AM
By Rapaport News
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RAPAPORT... Michael Hill saw a 5-percent sales increase during the
July-to-December period as it expanded its store network, the Australia-based
jeweler reported.
Revenue rose to $250.9 million (AUD 327.5 million) for those
six months, which constitute the company’s fiscal first half, the retailer said
last week. Same-store sales crept up 0.8 percent, while net profit after tax
increased 3.4 percent to $19.7 million (AUD 25.8 million).
“Overall, this was a reasonable result for the group, given
the difficult and lumpy trading conditions across most markets,” management
said in a statement.
Australian revenue climbed 2.9 percent to $139.4 million
(AUD 182 million), while Canadian sales jumped 17 percent to $47.7 million (CAD
62.7 million). These increases outweighed a 1.5-percent decline in New Zealand
revenue to $47.8 million (NZD 66.9 million), as well as a U.S. sales dip of 6.3
percent to $7 million.
The company operated 305 stores under the Michael Hill brand
at the end of December – 12 more than a year earlier. Its Australian network
expanded by four locations to 170, and seven stores opened in Canada, bringing the
count there to 72. The jeweler’s New Zealand operations grew by one location
to a total of 53, while the number of U.S. stores stayed the same at 10.
The retailer also added a net of 13 stores under its
recently launched Emma & Roe brand, which closed out the year with 23
stores in Australia and one in New Zealand. Revenue for the division grew 72
percent to $6.7 million (AUD 8.7 million).
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Tags:
Australia, Canada, Emma & Roe, Jewelry, Michael Hill, New Zealand, Rapaport News, retail, u.s.
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