A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Michael Hill U.S. Comps Down 9% in Half-Year Period
Revenue also was down, but the company said it reduced losses slightly during the six months ended Dec. 31.
Brisbane, Australia--Though retailer Michael Hill’s U.S. performance came up short in its half-year period, the company said it reduced losses and continues to be optimistic about the market.
Same-store sales in the U.S. were down 9 percent in retailer Michael Hill’s half-year ended Dec. 31 after a “difficult trade period, especially in the key December quarter.”
In its preliminary results for the sixth-month period, the company said it also attributes some of the decline to a management reorganization in the U.S.
Revenue also was down in the company’s U.S. segment, declining 6 percent to $7 million.
Meanwhile, a lift in gross margin and reduction in costs has reduced the U.S. losses for the half to $1.1 million, an improvement on the $1.6 million loss reported in the six-month period in 2015.
No new stores were opened in the U.S., remaining at 10 total.
Michael Hill said it expects top-line sales in the region to improve over the second half and despite the results, still sees the U.S. as a “viable growth opportunity,” where it will continue to innovate and test the market with an eye on opening more stores when the opportunity presents itself.
Overall, same-store sales across all divisions of the retailer were up 1 percent total, while group revenue increased more than 5 percent, from approximately $238.4 million in the year-earlier period to $251.2 million in the half-year 2016.
The company called the first half overall results “pleasing,” given the difficult trading period in the lead up to December and the holiday season.
In Australia, comps were nearly flat during the period while revenue was up 3 percent to $139.6 million. The New Zealand division saw same-store sales and revenue both decline by a little more than 1 percent.
Michael Hill’s Canadian segment pulled out a strong performance, noting a 7 percent increase in comps and 17 percent increase in revenue to $47.9 million. The company attributed its solid growth to a combination of increasing brand awareness in newer markets and improved execution of the sales management system.
Michael Hill had a total of 329 stores operating as of Dec. 31 across Australia, New Zealand, Canada and the U.S.
The company is No. 14 on National Jeweler’s “Top 50 Retail Jewelry Chains” list in the 2016 State of the Majors.
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.