RapNet


Rapaport News

 

Retail

 
Rapaport Broadcast
Rapaport’s ‘State of the Diamond Industry’ Address
June 08 2020

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Weak U.S. Sales Inhibit Michael Hill Growth

Jan 9, 2017 6:05 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
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.
Similar Articles
Birks 150Birks Sidelines Omni-Channel Role
Jul 08, 2020
Birks Group has eliminated a top omni-channel position on its management...
Survey: Shoppers Prefer to Buy Jewelry In-Store
Jewelers See Positive Signs as Business Restarts
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us