Michael Hill, the Australian jeweler with 296 stores worldwide and nine in the U.S., has released its results for the fiscal year ending June 30.
Michael Hill, the Australian jeweler with 296 stores worldwide and nine in the U.S., has released its results for the fiscal year ending June 30.
Revenue was up 4 percent worldwide. In the U.S. it was up 13 percent; in Canada, 14.7 percent; and New Zealand, 3.9 percent. Revenue was down 1.4 percent in Australia.
Highlights of the report:
• Operating revenue is up 4 percent, to $352.6 million
• Gross profit is up 3.6 percent, to $224.4 million
• Net profit is up 10.8 percent, to $19.5 million
• Same-store sales are up .7 percent worldwide and 3.5 percent in the U.S.
• U.S. revenue is up 13 percent, to $11.3 million
• E-commerce sales increased 122 percent
• 13.2 percent of total sales and 30 percent of U.S. sales are from the company’s branded collections. Branded collections include Michael Hill Watches; fashion jewelry brands include Infinitas, Everlight, Emma & Roe, City Lights, MH Natural Yellow Diamonds; and bridal brands including Michael Hill Designer Bridal, Evermore Colourless, Southern Star, and Michael Hill Ideal Cut).
“It was pleasing to see solid progress made in our New Zealand and Canadian segments and further progress of our trial of the U.S. market,” said CEO Mike Parsell in a statement. “Australia continues to be a challenge, and we are committed to turning this important market around in 2015–16. Testing the new Emma & Roe will continue into the coming year, and we are optimistic this brand will be successful in the future. We will also look for further growth through online and continued store openings for both the Michael Hill and Emma & Roe brands when suitable property opportunities arise.”
Michael Hill opened one U.S. store during the fiscal year, in Elmhurst, N.Y., and secured two more store locations in New York and New Jersey. In August, the company’s founder, Sir Michael Hill, retired as chairman and was replaced by his daughter, Emma Hill.
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