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.
Michael Hill Sees Rise, but US Operation Lags
The Bottom Line
- Group sales increased 8% to $99.7 million (AUD 130.3 million) in Q3, driven by Australia, New Zealand, and Canada.
- Sales in the US fell 15% to $2.6 million, with same-store sales down 9%, as the company seeks a better strategy.
- Michael Hill opened 11 new stores in Q3, totaling 313 Michael Hill and 30 Emma & Roe locations globally.
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