National Jeweler Network

Financial Reporting

US comps climb for Michael Hill in fiscal 2014

July 10, 2014

Brisbane, Australia--Same-store sales in Michael Hill’s U.S. stores rose 6 percent year-over-year while total revenue fell slightly due to the company closing a store in June of last year.

U.S. sales totaled $9.9 million (in local currency terms) for the retailer in fiscal year 2014 ended June 30, down from $10.2 million in fiscal year 2013, a 3 percent drop. 

The company said the June 2013 closing of one of its locations impacted its total revenue, although two additional stores were opened afterward in different locations. 

Michael Hill now operates 10 stores in the country: eight in Illinois, one in Columbus, Ohio and another in the Mall of America in Bloomington, Minn. 

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Overall same-stores sales for the retailer, which also operates stores in Australia, New Zealand and Canada, rose 5 percent in local currency terms (Australian dollars) in the 12-month period. Total sales for the company increased nearly 10 percent to AU$482.8 million ($454.4 million).

Canada reported the strongest performance with just more than a 10 percent increase in same-store sale. Next was the U.S. (6 percent), followed by New Zealand (2 percent) and Australia (0.8 percent).