Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Michael Hill Same-Store Sales Decline in Q1
The retailer struggled in its attempt to rely less on discounting.
Brisbane, Australia—Same-store sales and group revenue were down for Michael Hill in the jeweler’s first quarter as it struggles to move away from a reliance on discounting.
The retailer reported Friday that same-store sales dropped 11 percent in the three-month period ended Sept. 30, while group revenue for continuing operations declined 9 percent.
Michael Hill said the reductions were “partly attributable to underestimating marketing and promotional activities required to support the group’s strategic shift away from a reliance on discount-based pricing.”
Gross margin rose to 65 percent for the quarter, compared with 63 percent in the prior-year period.
E-commerce sales were up 85 percent year-over-year in the three-month period and now represent 3 percent of total sales for Michael Hill.
The retailer opened three Michael Hill stores during the period while, at the same time, closing three underperforming locations. As of the end of September, the retailer had 306 Michael Hill stores.
Four Emma & Roe stores shut down in the first quarter, as the retailer continues the previously announced wind-down of its charm store chain. The company ended the period with two Emma & Roe stores and the brand’s website still operating.
CEO Phil Taylor said the company would remain focused its multi-pronged turnaround plan to reposition it from a traditional retailer to an omnichannel brand with more unique, branded product. Taylor is stepping down as CEO next month due to health reasons and will be replaced by retail and fashion veteran Daniel Bracken.
Michael Hill operates stores in Australia, New Zealand and Canada, and also had a presence in the United States until earlier this year when it closed its nine stores in Illinois, Minnesota and New York.
The retailer came to the United States in 2008, originally buying 17 stores in the Midwest from Whitehall Jewelers after it went bankrupt, but it never succeeded in turning its U.S. operation into a profitable venture.
When it reported its fiscal full-year results in August, Michael Hill said same-store sales were flat and profits had tumbled in part due to its exit from the U.S. market.
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
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.
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.
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.