RapNet


Rapaport News

 

Retail

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

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

Michael Hill Sees Rise, but US Operation Lags

Retailer assessing its stateside strategy after 15% sales drop.
Oct 31, 2017 10:47 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... Michael Hill’s revenue grew 8% in the third quarter, driven by improved performance in Australia, New Zealand and Canada, the jeweler reported.

Group sales rose to $99.7 million (AUD 130.3 million) in the three months that ended September 30, the Australia-based company reported recently. Sales in Australia grew 6% to $55.8 million (AUD 72.9 million), while New Zealand sales increased by the same margin to $17.7 million (NZD 25.8 million). Revenue from the company’s Canada stores jumped 22% to $20.6 million (CAD 26.6 million). Same-store sales also increased in all three countries.

However, US sales slumped 15% to $2.6 million, while same-store sales there dropped 9%. The company continues to search for the correct strategy in the American market, it added.

Michael Hill opened 10 new stores under that brand name, and one under the Emma & Roe banner during the quarter. As of September 30, the group was operating 313 Michael Hill stores and 30 Emma & Roe outlets. In the fourth quarter, it plans to open three Michael Hill stores in Australia and one in Canada.
Tags: Australia, diamonds, jewellery, Jewelry, Michael Hill, New Zealand, Rapaport News
Similar Articles
NRF Holiday mall 150US Retail Sales Rise Ahead of Holidays
Nov 17, 2019
US retail sales showed “particularly impressive” growth inOctober as shoppers prepared...
Michael Hill Offers Lab-Grown Collection
Alibaba Sees Record Singles’ Day Sales
Bailey Banks & Biddle Files for Chapter 11
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