CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
FinancialsAug 24, 2016
Michael Hill Continues to Lose Money in the U.S.
Operating loss during its fiscal full year was $2.3 million, and same-store sales fell short of expectations.
Brisbane, Australia--Though Michael Hill’s U.S. performance fell short of what it was expecting, the company continues to have hope for the market.
The company said that U.S. same-store sales for the fiscal year 2015-2016 ended June 30 were up 4 percent, falling short of both expectations and budget.
Operating loss was $2.3 million, which Michael Hill said was in line with its expectations and an increase over last year, when losses totaled $1.9 million.
Total U.S. sales were up 24 percent, while gross profit rose 1 percent.
Michael Hill said that a renewed focus on growing top-line sales is needed to bring its U.S. stores to a level that would justify opening more.
The company moved into the New York market for the first time last fall, opening a store in Elmhurst, Queens in September, followed by a location in the Roosevelt Field mall in Garden City, N.Y., a month later.
This brought the chain’s U.S. store total to 10.
Michael Hill continues to lose money here and still views it as a test market. Despite the underwhelming performance in this last fiscal year, the company still thinks that the market provides “the largest growth opportunity for the future.”
And though it has no plans to open any new stores in the United States in the 2015-2016 fiscal year, the retailer said it plans to open three stores in fiscal year 2017-2018 and five stores in 2018-2019.
Michael Hill’s focus in the U.S. will continue to be on the development of proprietary bridal and fashion collections to differentiate it in the market, new marketing initiatives to reach targeted consumers and the establishment of a competitive in-house credit program.
It also is working to find the right locations for its stores, in malls with strong customer traffic flow and an appropriate retail mix, the retailer said.
Globally, the company’s comps rose 5 percent, total sales were up 10 percent to $551.1 million and gross profit was essentially flat.
Michael Hill said that branded collections revenue rose to 14 percent of total revenue during the fiscal year, and that it will continue to shift its investment in inventory from generic product to proprietary branded collections in the coming years.
The company also reported that revenues from e-commerce jumped 48 percent, driven by an uptick across all regions.
Michael Hill opened 19 new stores and closed two to bring its net total
to 313 stores in Australia, New Zealand, Canada and the United States as of June 30.
The company also announced earlier this month that its longstanding CEO, Mike Parsell, was stepping down. He has been in the position for 16 years.
Phil Taylor, the company’s chief financial officer, has been appointed as acting CEO while an international search is conducted.
The company also announced earlier this month that its longstanding CEO, Mike Parsell, was stepping down. He has been in the position for 16 years.
Phil Taylor, the company’s chief financial officer, has been appointed as acting CEO while an international search is conducted.
More on Financials
The Latest
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
Weekly QuizMay 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
SourcingMay 21, 2025
Gem Legacy Expands Advisory CouncilThe nonprofit focused on mining communities in East Africa has added three new members to its advisory council.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
