Jewellery retailer Michael Hill International Ltd increased revenue by 3.3% & same-store sales by 0.4% in a year hit by closures in the US and of its Emma & Roe chain.
The company decided in January to close in the US, where it had 9 Michael Hill stores & 24 of its 30 Emma & Roe stores. The other 5 Emma & Roe stores in Australia and one in New Zealand, at Manukau, will also close.
The company ended 2017 with 347 stores, but by its 30 June balance date it was down to 312 in New Zealand, Australia & Canada, including the 6 still due to close.
Michael Hill same-store sales improved 2.2% in New Zealand and 3.5% in Canada, but declined by 0.9% in Australia.
Ecommerce sales increased by 61.9% to $A11.1 million (the company is now based in Brisbane), representing 1.9% of total group sales.
Figures the company issued yesterday were in a trading update and represented 11 months’ accounting-adjusted sales results plus June preliminary sales figures before final accounting adjustments, and were unaudited.
24 June 2018: Michael Hill to close all Emma & Roe stores
15 April 2018: Michael Hill sets US closure date, still reports sales growth
9 February 2018: Michael Hill sees $A25 million cut from store exits
31 January 2018: Hill concedes defeat in US, will reposition second brand
14 January 2018: Michael Hill lifts sales but US concerns continue
Attribution: Company release.