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In the second half of 2016, Michael Hill International revenue increased 5 per cent
In the second half of 2016, Michael Hill International revenue increased 5 per cent

Michael Hill boosts sales and store openings

Michael Hill International’s (MHI) latest trading update indicates a rise in sales for the six months ended 31 December, as the company’s store network continues to expand.

According to the group’s half-year report, revenue increased 5 per cent to $327.5 million compared with the same period last year. Same-store sales also rose 0.8 per cent year-on-year to $306 million.

“The first half result was pleasing, especially given the difficult trading period in the lead up to December and the critical Christmas trading report,” a company statement read.

A further breakdown of the figures revealed that the Australian region achieved a 2.9 per cent increase with revenue at $182 million, and a same-store sales rise of 0.2 per cent to $176.2 million.

Sales by region

On the global stage, revenue and same-store sales were both up 1.5 and 1.4 per cent respectively in New Zealand, while revenue and same-store sales in the US decreased 6.3 and 9.3 per cent.

Resembling 2015, the biggest strides in the second half of 2016 were made in Canada. The company recorded a 16.7 per cent increase in sales and same-store sales rose 6.8 per cent.

MHI’s Emma & Roe business, which launched in 2014 and currently operates in Australia and New Zealand, achieved a 72 per cent increase in sales and a 1 per cent increase in same-store sales.

There were eight Emma & Roe store openings during the six-month period, bringing the total to 23 in Australia and one in New Zealand. According to Michael Hill, another six were set to open in the second half of the fiscal year.

Eight Michael Hill stores opened during the period, bringing the total number to 305 across Australia, New Zealand, Canada and the US.

More reading
Michael Hill records revenue rise ahead of Xmas
Michael Hill jewellery achieves record result
Michael Hill sales lift across all markets
Michael Hill restructures for ASX transfer

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Tuesday, 15 October, 2019 11:26pm
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