News

Advanced Search

Canada Lockdown Weighs on Michael Hill

Jan 18, 2021 10:27 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Michael Hill’s sales slipped 2.8% in the first half of its fiscal year as a lockdown in Canada outweighed growth in the Australian market.

Group revenue decreased to AUD 317.5 million ($243.6 million) during the six months ending December 27, as 21 of the company’s 86 stores in Canada closed during the November-to-December period, the jeweler reported last week. A further 25 shops in the country shut from December 26. Same-store sales — at branches open for at least a year — grew 6% for the half year.

Same-store sales in Australia, the jeweler’s largest market, rose 12%, while those in New Zealand went up 2.8%. Same-store sales at shops in Canada increased 3.6%. However, revenue across all Canadian stores slid 6%, the company noted.

“Following a strong first five months, it was particularly pleasing to see all markets deliver positive same-store sales growth for the all-important Christmas trading period,” said Michael Hill CEO Daniel Bracken.

In the second fiscal quarter, group sales slipped 2.4% to AUD 198 million ($152 million), while same-store sales increased 6% to AUD 195.3 million ($149.9 million).

Meanwhile, Andrea Slingsby, the company’s chief operating officer, and Vanessa Brennan, the chief brand and strategy officer, will be leaving the company. Amy Sznicer will join Michael Hill as chief retail officer and Jo Feeney will be chief marketing officer, the jeweler noted.

Image: A Michael Hill store in Toronto, Canada. (Shutterstock)
Tags: Amy Sznicer, Andrea Slingsby, Daniel Bracken, Jo Feeney, Michael Hill, Rapaport News, Vanessa Brennan
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2021 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.