Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $5
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • Exclusive Masterclass access. Part of Retail Week 2021
×

Michael Hill lifts first quarter sales

Michael HillJewellery retailer, Michael Hill International, posted an increase in revenue for its first quarter as its performance in New Zealand, Australia and Canada continued to improve.

Group sales from all stores rose to A$130.3 million in the three months to September 30, from A$120.9 million in the same quarter in 2016. Same-store sales grew 3.5 per cent to A$122.7 million in the three months.

The Michael Hill brand delivered total store sales growth of 7.4 per cent to A$126.9 million in the quarter and same store sales growth of 3.8 per cent. The brand’s same store sales rose 4.2 per cent in Australia, 5.1  per cent in New Zealand and 7.6 per cent in Canada, an acceleration on the previous period which is a key driver of the group’s performance.

The Emma & Roe brand achieved total store sales growth of 27.4 per cent to A$3.5m in the period.

In the latest financial year, the jewellery company boosted annual profit by two thirds as its Michael Hill chain grew steadily in its main markets of Australia and New Zealand and recorded stronger growth in Canada.

The group’s troubled US business and its fledgeling Emma & Roe chain posted wider losses.

In the first quarter of 2018, the Michael Hill brand traded well in Canada, up 7.6 per cent in same-store sales in local currency in the quarter with total store sales growth of 22 per cent to C$26.6 million.

Same-store and total sales for the brand also rose in New Zealand and Australia, but in the US same-store sales dropped 9 per cent to US$2.6m while total sales fell 15 per cent.

There were 313 Michael Hill stores trading at the end of September, with 10 opened in the period. Emma & Roe had 30 stores at the end of the quarter.

Dual-listed Michael Hill shares gained 2.5 per cent to $1.21 on the NZX.

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

 

You have 7 free articles.

Masterclasses are only for Professional Subscribers

Become a Professional for only $5 Already member? Login
  • Unlimited access to news,insights and opinions
  • Quarterly and weekely magazines
  • Independent research reports and forecasts
  • Quarterly webniars with industry experts
  • Q&A with retail leaders
  • Carrer advice
  • Exclusive masterclass access.Part of Retail Week 2021
 
× n-popup