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Michael Hill’s Sales Rise

Aug 23, 2016 4:06 AM   By Rapaport News
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RAPAPORT... Michael Hill’s group revenue jumped in the past fiscal year as the retailer reported broad-based growth across all regions.

Revenue advanced 9.5 percent to $421.3 million (AUD 551.1 million). Sales in Australia, its largest market, increased 4 percent to $234.9 million in the 12 months that ended June 30, the jeweler said. Revenue advanced 7.2 percent in New Zealand and 19 percent in Canada.

Sales in the U.S. leapt 24 percent with same-store revenue increasing 3.5 percent – a growth rate that lagged expectations and budget, according to a company presentation. The U.S. stores are in a trial stage, with the company saying it needs to focus on growing sales to justify opening any further outlets. Michael Hill’s store count stateside rose by one outlet to 10 during the year.

Meanwhile, the jeweler’s new Emma & Roe retail brand completed its first full fiscal year of operation, with sales nearly doubling. The company opened eight stores in Australia and plans to launch another 10 outlets there and two in New Zealand in 2016-17. It has identified up to 200 potential Emma & Roe store locations in Australasia and up to 100 in Canada.

Group profit fell 29 percent to $15 million, impacted the settlement of a tax dispute adjustments resulting from the company’s listing on the Australian Securities Exchange.
Tags: Australia, Canada, Emma & Roe, Jewelry, Jewelry sales, Michael Hill, New Zealand, Rapaport News, retail
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