Michael Hill drops 28.5 per cent in US
The jewellery retailer completed the exit of all nine US-based stores while posting a revenue of $11.5 million; falling short of last years revenue of $16 million.
Its results fared better in other territories, however, with the brand (excluding US) delivered total store sales growth of 4.1 per cent and same store sales growth of 0.3 per cent.
Group revenue increased by 3.3 per cent, while same store sales grew by 0.4 per cent.
The brand’s eCommerce sales increased by 61.9 per cent to $11.1 million for the year – representing almost 2 per cent of total sales.
Business booms in local market
The Australian territory finished the year with a 1.1 per cent increase on total store sales, though found a 0.9 decline in same store sales.
Australian store numbers topped out at 171 by years end; with 7 new stores opened and two closed.
The 52 New Zealand stores performed well with same store sales lifting by 2.2 per cent for the year.
Refocusing resources moving forward
Emma & Roe achieved a same store sales revenue increase of 3 per cent, despite the announcement that the plans to reposition the brand would be abandoned and it would instead be wound up.
The decision was made in order to refocus resources onto the core Michael Hill brand, after a review found that it wasn’t the right time to split priorities.
“We have decided that a singular focus on the Michael Hill brand will best position us to deliver a stronger customer proposition and financial results,” chief executive Phil Taylor said.
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