Financial Reporting

U.S. comps rise 22% for Michael Hill

Feb 20, 2012

Brisbane, Australia--Same-store sales improved and losses narrowed in the United States for Australian jeweler Michael Hill, the company announced last week.

Michael Hill reported that same-store sales at its nine U.S. units rose 22 percent for the six-month period ended Dec. 31. Losses declined from $2.1 million to $1.4 million.

“The board is pleased with the progress of the U.S. operation over the past six months but acknowledges there is still a long way to go before the business is proven up in the U.S. market,” the company said. “Focus remains on improving both the top-line sales and the margins in order to grow the bottom line of the nine stores over the coming 12 months.”

Total revenue for the company was up 7 percent to $241.0 million. Profits rose 12 percent to $22.0 million. Same-store sales were up 2 percent.

During the period, Michael Hill opened seven stores and closed one. The number of U.S. stores remained unchanged. Michael Hill operates a total of 245 stores in the United States, Canada, Australia and New Zealand.

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