National Jeweler Network

Financial Reporting

Comps up at Michael Hill’s US stores

January 24, 2014

Brisbane, Australia--Same-store sales at Michael Hill’s U.S. locations were up 2 percent in local currency for the half-year period, the Australian retailer reported Thursday.

Comps in the region rose from $4.9 million in 2012 to $5 million in the six-month period ending Dec. 31.

Overall store sales in the United States, however, fell by 8 percent in the half-year in local currency, declining from $5.5 million to $5 million.

This decrease was attributed to Michael Hill closing one of its U.S. stores in June 2013. The company now has eight stores.

Overall same-store sales for Michael Hill, which also operates stores in Australia, New Zealand and Canada, rose 5 percent in local currency terms (Australian dollars). Total sales for all stores rose 10 percent to $237.4 million.

Canada turned in the strongest performance with an 8 percent increase in comps in local currency, followed by the 2 percent increase in the U.S. and a 1 percent increase in Australia, while New Zealand comps were down 4 percent “due to the settling in of a new retail management team mid-2013.”

The company will release the full results of the six-month period on Feb. 14.