Jewellery retailer, Michael Hill International Limited, posted a 9.1 per cent increase in revenue in the first nine months of its financial year as sales increased across all of its four geographic markets.
The company reported a revenue of $420.8 million, up from last year’s $385.89 million, from the sale of goods and services for the nine months in all its Michael Hill and Emma & Roe stores.
The Michael Hill brand in the Australian market, the company’s largest market, achieved growth of 3.5 per cent for the nine months after a solid third quarter of trade.
The company reported its New Zealand segment continued to trade strongly and posted same store sales growth of 6.5 per cent in local currency. Canada achieved a 5.8 per cent increase from last year. Its US market recorded same store sales growth of 9.0 per cent for the quarter and 2.9 per cent up on last year for the nine months. Total store sales in the US were up 28.5 per cent for all stores.
In Australian dollars, the company reported same store sales growth of 4.8 per cent for its Michael Hill brand for the nine months result. Eight Michael Hill stores were opened during the period, making a total of 295 Michael Hill stores trading at the end of March.
The company’s Emma & Roe brand reported same store sales growth of 39.9 per cent for the nine months which is a solid result for the fledgling brand. Six new stores were opened during the period, making it a total of 14 stores at the end of March.
The Emma & Roe brand was launched in April 2014 with 10 stores in Australia and one in New Zealand. The company announced there are plans to open two more Emma & Roe stores before the end of the financial year.
Company chair, Emma Hill, previously mentioned the trial of the Emma & Roe brand will probably continue for the balance of the financial year and a decision would then be made whether to proceed with a full expansion program.
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