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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).
Tags: Australia, Canada, Emma & Roe, Jewelry, Michael Hill, New Zealand, Rapaport News, retail, u.s.
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