Supplier Spotlight Sponsored by GIA
US Comps Fall 9% for Michael Hill
The jeweler said it “struggled to gain traction” in the United States following a change in leadership and marketing strategy.
Brisbane, Australia--Same-store sales dropped 9 percent at Michael Hill’s U.S. stores in the retailer’s recently concluded fiscal year.
For the period ending June 30, total sales in the U.S. market were down 12 percent, from $14.2 million to $12.5 million. The company posted a loss of $3.8 million, up from a loss of $2.6 million in the prior-year period.
As previously announced, Michael Hill closed one U.S. store during its fiscal year, the store in the Easton Centre in Columbus, Ohio.
The retailer also said when releasing its full-year results this week that because of the “substandard” location of its store in the Roosevelt Field mall on New York’s Long Island, it has now marked the store as “impaired” on its balance sheet, resulting in a $667,000 write-down of impaired assets and onerous lease provision.
The store remains open.
In September, Michael Hill appointed Brett Halliday, who has run the chain’s more successful Canadian business, to head the U.S. market as well.
The company said: “The board and the executive team continue to closely monitor the U.S. business as this is potentially a lucrative market for the group, if we can develop a viable model.”
Globally, Michael Hill’s same-store sales were up 2 percent while total sales rose 6 percent to AU$583 million ($461.4 million).
Net profit after tax was AU$32.6 million ($25.8 million), up 66 percent year-over-year. Gross profit was 63.5 percent.
During its fiscal year, Michael Hill opened 13 stores while closing seven under-performing locations, including the Columbus store.
The company also opened 13 Emma & Roe stores. Emma & Roe sells low-priced fashion jewelry, with an emphasis on charms; there are none in the United States.
The company had 332 stores at the end of its fiscal year, including 29 Emma & Roe stores.
The Latest
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
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.
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.
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.
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.