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Canada Stores Boost Michael Hill

Global revenue up 3.3% in fiscal year.
Jul 10, 2018 5:57 AM   By Rapaport News
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RAPAPORT... Michael Hill saw a 3.3% revenue increase over the last fiscal year, led primarily by sales in its Canadian stores, the Australia-based jeweler reported.

Revenue rose to $447.2 million (AUD 599.7 million) for the 12 months ending June 30, the retailer said Monday. Overall same-store sales — at branches open more than one year — rose 0.4% to $396 million (AUD 531.1 million).

Same-store sales at the company’s New Zealand locations rose 2.2%, while Canada climbed 3.5%, outweighing a decline of 0.9% at Australian locations.

Michael Hill has completed its exit from the US market, and will also shut all stores under its Emma & Roe brand worldwide by the end of the month. Total sales for US stores prior to closing operations in the country dropped 29% to $8.6 million (AUD 11.5 million) for the year, while sales at Emma & Roe outlets increased 10% to $12.6 million (AUD 16.9 million).

The company operated 306 stores under the Michael Hill name at the end of June, an increase of 12 stores compared with the same time last year. In Australia, the retailer opened seven stores and closed two, for a total of 171 in the country at the end of the fiscal year. New Zealand had a store count of 52, with two stores opening and the same number closing, while Canada saw eight new openings and one closure, bringing its total to 83 retail outlets.

Image: JHVEPhoto/Shutterstock
Tags: Emma & Roe, jeweler, Michael Hill, Rapaport News
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