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Weak U.S. Sales Inhibit Michael Hill Growth

Jan 9, 2017 6:05 AM   By Rapaport News
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RAPAPORT... Michael Hill reported group sales increased 5.7 percent to $240.3 million (AUD 328.1 million) in the first fiscal half despite its sluggish performance in the U.S.

Global same-store sales increased 1 percent during the six months that ended December 31, the Australia-based jeweler reported.

Sales generated at Michael Hill-branded stores in Australia increased 3 percent to $133.4 million, while revenue in Canada jumped 18 percent to $47.9 million (CAD 63.4 million). Sales in New Zealand declined recorded 1.3 percent to $46.7 million (NZD 67 million). Global sales under the embryonic Emma & Roe brand grew 72 percent.

However, U.S. sales slid 5.9 percent to $7 million as the company attempts to revive growth there, appointing Brett Halliday, head of its Canada stores, to oversee the American business. The change came into effect earlier this year under new chief executive officer Phil Taylor.

“Our U.S. business had a poor December quarter,” the company said, adding U.S. same-store sales slumped 8.8 percent for the full six months. “We continued to experiment with our marketing and merchandise strategies during the half and are confident that, along with the recent changes to the leadership team, this will enable us to improve our results in the second half.”
Tags: Australia, Canada, Emma & Roe, jewelers, Jewelry, michael, New Zealand, Rapaport News, retail, u.s.
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