Rapaport News




Advanced search
Latest Articles
Rough Markets
Polished Markets

Canada Stores Boost Michael Hill

Global revenue up 3.3% in fiscal year.
Jul 10, 2018 5:57 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Michael Hill saw a 3.3% revenue increase over the last fiscal year, led primarily by sales in its Canadian stores, the Australia-based jeweler reported.

Revenue rose to $447.2 million (AUD 599.7 million) for the 12 months ending June 30, the retailer said Monday. Overall same-store sales — at branches open more than one year — rose 0.4% to $396 million (AUD 531.1 million).

Same-store sales at the company’s New Zealand locations rose 2.2%, while Canada climbed 3.5%, outweighing a decline of 0.9% at Australian locations.

Michael Hill has completed its exit from the US market, and will also shut all stores under its Emma & Roe brand worldwide by the end of the month. Total sales for US stores prior to closing operations in the country dropped 29% to $8.6 million (AUD 11.5 million) for the year, while sales at Emma & Roe outlets increased 10% to $12.6 million (AUD 16.9 million).

The company operated 306 stores under the Michael Hill name at the end of June, an increase of 12 stores compared with the same time last year. In Australia, the retailer opened seven stores and closed two, for a total of 171 in the country at the end of the fiscal year. New Zealand had a store count of 52, with two stores opening and the same number closing, while Canada saw eight new openings and one closure, bringing its total to 83 retail outlets.

Image: JHVEPhoto/Shutterstock
Tags: Emma & Roe, jeweler, Michael Hill, Rapaport News
Similar Articles
NRF SeptemberUS Consumer Spending Dips
Oct 17, 2019
US retail sales stalled between Augustand September, indicating that consumer...
Former Zales Vice Chairman Marvin Zale Dies
Chow Tai Fook Sales Slump
Costco Sells $220,000 Diamond Ring
LightboxLightbox to Debut at Bloomingdale’s, Reeds
Oct 15, 2019
De Beers will partner with two major retailers topromote Lightbox,...
LVMH Jewelry and Watch Revenue Jumps
NRF Predicts Rise in Holiday Sales
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