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FinancialsJul 13, 2017
Michael Hill Sees US Comps Fall 13%, Closes Ohio Store
The jeweler, which is under new leadership in the U.S., said changes to its marketing strategy “didn’t deliver.”
Brisbane, Australia--Jeweler Michael Hill recorded a double-digit drop in U.S. same-store sales over the past 12 months, due in part to changes in its marketing strategy that “didn’t deliver.”
In the 12-month period ended June 30, the company’s U.S. comps declined 13 percent while total sales in the region also were down 13 percent, from $14.1 million to $12.4 million.
In an effort to stem its losses and turn around its U.S. business, the Brisbane, Australia-based jeweler brought in a new CEO in September, Brett Halliday, and closed its store at the Easton Centre in Columbus, Ohio, in June due to “sustained poor performance.” The Columbus store was the only store the company closed in the past 12 months that wasn’t at the end of its lease.
Halliday, who is now president of Michael Hill’s North American operations, previously just ran Canada, and, according to the company, he has “delivered consistently outstanding results” there.
Michael Hill now has nine stores in the United States: Elmhurst and Garden City, New York; Bloomington, Minnesota; and Orland Park, Lombard, Bloomingdale, Oakbrook, Schaumburg and Norridge, Illinois.
The company said it is closely monitoring the performance of its U.S. business going forward.
Globally, the jeweler saw same-store sales increase 2 percent and total sales tick up 6 percent, from $422.3 million to $447.8 million.
The Canadian market delivered the strongest results. Same-store sales were up 9 percent there while total sales climbed 19 percent.
As of June 30, Michael Hill International Ltd. operated a total of 333 stores in Australia, New Zealand, Canada and the United States. It opened 14 Michael Hill and 13 Emma & Roe stores (Emma & Roe carries low-priced fine fashion jewelry, with an emphasis on charms) while closing seven Michael Hill locations in the past fiscal year.
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