National Jeweler Network

Financial Reporting

Michael Hill notes ‘good growth’ at US stores

October 17, 2013

Brisbane, Australia--Same-store sales at Michael Hill’s U.S. stores rose 7 percent in the quarter ended Sept. 30, the Australian retailer reported recently.

Total sales at all Michael’s Hill U.S. stores, which all are located in Illinois, declined 4 percent year-over-year in local currency terms, from $2.06 million to $1.97 million. The decline in revenue for all stores is due to the fact that one of Michael Hill’s stores was closed for the entire month of June, the company said.

Overall same-store sales for Michael Hill, which also operates stores in Australia, New Zealand and Canada, rose 4 percent in local currency terms (Australian dollars). Total sales rose 9 percent from $87.3 million last year to $94.8 million in the same time period this year.

The U.S. market turned in the strongest performance in local currency terms with its 7 percent increase in same-store sales, followed by the Canadian market with a 6 percent rise and Australia with a 1 percent increase. Same-store sales in New Zealand fell 6 percent.

Michael Hill stated that, “Canada and the U.S. continue to show good growth on a same-store basis,” with the growth in this most recent quarter coming on the heels of a 6 percent increase in comps for the fiscal year ended June 30.

Based in Brisbane, Michael Hill has eight stores in the U.S. market, after closing one location sometime between June 30, 2012 and June 30, 2013.

The company’s U.S. headquarters are in Chicago.