The company hopes to open eight more U.S. stores in the next few years
Michael Hill International’s U.S. comps dropped 3.6 percent for the six months ended Dec. 31, due to a forced three-month closure of its store in the Woodfield Mall in Schaumburg, Ill.
The closure was caused by a redevelopment of the shopping center. Excluding the closure, the Brisbane, Australia–based jeweler’s U.S. comps rose 0.5 percent for the half-year.
The company now has 10 stores in the United States. In September, it opened its second New York–area store, in the Roosevelt Field Mall in Garden City, N.Y.
Rolling 12-month average sales for its U.S. stores reached $1.4 million. Currently, its U.S. stores in triple-A malls average $1.8 million in turnover. The company hopes to grow these locations to $2 million in annual turnover.
The United States currently represents 3 percent of the company’s sales. The company plans to open three U.S. stores in the 2016–2017 fiscal year and five more the following year to bring the total to 18.
Overall, the company—which has 304 stores in New Zealand, Australia, Canada, as well as the United States—saw its gross revenue rise 9.7 percent for the final six months of 2015 to a record $310.8 million. Comps for the period rose 5.4 percent.