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Michael Hill’s 1H Revenue +10%, Same-Store Sales +5%

Feb 17, 2016 11:09 AM   By Rapaport News
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RAPAPORT... Michael Hill reported group-wide first-half revenue jumped 9.7 percent year on year to $221.1 million (AUD 310.8 million). Same-store sales rose 5.4 percent in the six months that ended December 31.

Profit for the period climbed 5.1 percent to $17.7 million from a year ago, according to a statement February 11.

Sales in Australia, the jeweler’s largest regional sector, advanced 4.2 percent in local currency, while same-store sales increased 3.4 percent. Revenue grew 6.7 percent in New Zealand in local currency, and same-store sales jumped by the same amount, because of continued strength of the Auckland economy.

Canadian sales surged 19 percent in local currency and same-store sales a 5.6 percent as the segment reached “critical mass” in the country’s largest provinces. In the U.S., the three-month closure of the Woodfield Mall in Chicago negatively affected revenue, which still increased 24.7 percent in U.S. dollar terms. Same-store sales in the U.S. increased 0.6 percent.

Same-store sales for the Emma & Roe brand, launched in April 2014, soared 49 percent in the first half. Michael Hill expects a trial of the brand will continue for the rest of the fiscal year before a decision is made whether to proceed with a full expansion program.
Tags: Australia, Canada, Jewelry, Michael Hill, New Zealand, Rapaport News, retail, retailers, u.s.
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