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Articles from DIAMOND JEWELLERY (983 Articles), GOLD JEWELLERY (686 Articles), RINGS - ENGAGEMENT (274 Articles)

Michael Hill's revenue dropped in Australia, but the company performed well overseas
Michael Hill's revenue dropped in Australia, but the company performed well overseas

Michael Hill: Aussie sales down, overseas up

Michael Hill International’s weak Australian results for the past financial year have been buoyed by its strong performance in overseas markets.

The jewellery chain recorded total global revenue of AU$495.6 million for the 12 months ended 30 June 2015, a 3.4 per cent increase on the previous year’s AU$479.3 million.

Both of the company’s North American markets showed double-digit sales increases. In local currency, sales in Canada increased 14.6 per cent to CAD$79.1 million (AU$82.8 m) and US sales rose 13 per cent to US$11.3 million (AU$15.4 m).

Closer to home, New Zealand recorded a 3.9 per cent revenue increase to NZ$114 million (AU$101.8 m); however, total sales in Australia, the company’s largest market, fell 1.4 per cent to AU$294.4 million.

Globally, same-store sales lifted a slight 0.7 per cent from AU$459.7 million to AU$462.7 million.

Over the 2014–15 financial year, the company opened 12 Michael Hill stores and closed two, bringing the total number to 288 as at 30 June 2015.

While the latest financial results did not include revenue from Michael Hill’s Emma & Roe business – said to still be undergoing a retail model trial – it was noted that two Emma & Roe outlets had opened in the year, increasing the brand’s store count to eight.

The retailer’s full year results, which will include details of its profits for the period, will be released on 14 August.

Michael Hill was founded in New Zealand in 1979 and is now based in Brisbane, Australia after moving its headquarters in 2005.

More reading
Australian jewellery sales down for Michael Hill
Michael Hill jewellery struggles in Australia
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Sales surge for Michael Hill jewellery

SAMS Group Australia

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