Michael Hill's new outlet brings in profit

  • News
  • July 10, 2017
  • The Register team
Michael Hill's new outlet brings in profit

Michael Hill International announced it full-year sales. The New Zealand jeweler saw a six percent increase rise of full year sales thanks to its newest outlet, Emma & Roe.

Michael Hill International, which is based in Brisbane, saw sales rise to $583 million in the last 12 months ending June 30.

The rise in profits comes from the opening of its new stores which work under the Michael Hill umbrella, Emma & Roe.

In the last 12 months the retailer opened 13 of its Emma & Roe stores bringing the total under that brand to 29 and opened 14 Michael Hill branded outlets while closing seven, leaving it with 304, and a total number of outlets of 333.

The increased Emma & Roe meant sales jumped 62 percent to $15 million, although on a same-store basis sales fell 1.9 percent.

Michael Hill store sales rose 5 percent to $568 million, or 1.5 percent on a same-store basis.

Specifically, New Zealand sales declined 0.7 percent to $122 million, and fell 0.8 percent on a same-store basis, while in its biggest market of Australia, sales rose 4.1 percent to A$322 million, and on a same-store basis sales were up 1.2 percent.

It opened three new stores in Australia and closed five underperforming outlets, for a total of 166.

The successful year comes after the appointment of CEO Phil Taylor, who got promoted after working within the company for 30 years.

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