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Michael Hill Enjoys Half-Year Boost

Canada and New Zealand strong, but US business struggles.
Jan 22, 2018 5:19 AM   By Rapaport News
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RAPAPORT... Michael Hill’s sales rose 4.7% in the fiscal first half as growth in Canada and New Zealand outweighed a weaker performance in the US.

Group revenue increased to $273.1 million (AUD 341.5 million) in the six months that ended December 31, the jewelry retailer said in a recent trading update. Same-store sales — those at branches open for at least a year — climbed 0.5%.

Total sales in New Zealand, home to 53 of Michael Hill’s 347 stores, rose 4.1% in the local currency to $50.8 million (NZD 69.7 million). Sales at its 83 Canadian shops surged 18% to $58.7 million (CAD 73.2 million).

Sales in Australia rose 1.7% to $148 million (AUD 185 million). Australia is Michael Hill’s largest market, with 172 stores in operation in the country.

However, US sales slumped 15% to $5.9 million, with the company closely monitoring its stateside business given the ongoing poor performance, it noted.
Tags: Canada, jeweler, Michael Hill, New Zealand, Rapaport News, retail, US
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