Rapaport News



Rapaport Broadcast
Martin Rapaport Addresses Israel Diamond Week
February 12 2020

Advanced search
Latest Articles
Rough Markets
Polished Markets

Michael Hill Enjoys Half-Year Boost

Canada and New Zealand strong, but US business struggles.
Jan 22, 2018 5:19 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Michael Hill’s sales rose 4.7% in the fiscal first half as growth in Canada and New Zealand outweighed a weaker performance in the US.

Group revenue increased to $273.1 million (AUD 341.5 million) in the six months that ended December 31, the jewelry retailer said in a recent trading update. Same-store sales — those at branches open for at least a year — climbed 0.5%.

Total sales in New Zealand, home to 53 of Michael Hill’s 347 stores, rose 4.1% in the local currency to $50.8 million (NZD 69.7 million). Sales at its 83 Canadian shops surged 18% to $58.7 million (CAD 73.2 million).

Sales in Australia rose 1.7% to $148 million (AUD 185 million). Australia is Michael Hill’s largest market, with 172 stores in operation in the country.

However, US sales slumped 15% to $5.9 million, with the company closely monitoring its stateside business given the ongoing poor performance, it noted.
Tags: Canada, jeweler, Michael Hill, New Zealand, Rapaport News, retail, US
Similar Articles
ForevermarkForevermark Optimistic About Market Recovery
May 27, 2020
Sales at Forevermark’s stores in China have recovered strongly since the...
US Jewelry Stores Begin Reopening
JBT Appoints New Chairman
Swarovski Hires First Creative Director
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