Michael Hill International Ltd reported Tuesday that their 17 U.S stores posted a $3.1 million operating loss

New Zealand’s largest jewelry chain acquired the stores in Illinois and Missouri last September from Whitehall Jewelers after the U.S. company filed for Chapter 11.

Overall, Michael Hill experienced a 176% rise in profits compared to last year, but also a drop in EBIT (earnings before interest and taxation) of 46%. The U.S. stores accounted for 3.8% of the company’s total revenue.

JCK