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FinancialsOct 16, 2018
Michael Hill Same-Store Sales Decline in Q1
The retailer struggled in its attempt to rely less on discounting.
Brisbane, Australia—Same-store sales and group revenue were down for Michael Hill in the jeweler’s first quarter as it struggles to move away from a reliance on discounting.
The retailer reported Friday that same-store sales dropped 11 percent in the three-month period ended Sept. 30, while group revenue for continuing operations declined 9 percent.
Michael Hill said the reductions were “partly attributable to underestimating marketing and promotional activities required to support the group’s strategic shift away from a reliance on discount-based pricing.”
Gross margin rose to 65 percent for the quarter, compared with 63 percent in the prior-year period.
E-commerce sales were up 85 percent year-over-year in the three-month period and now represent 3 percent of total sales for Michael Hill.
The retailer opened three Michael Hill stores during the period while, at the same time, closing three underperforming locations. As of the end of September, the retailer had 306 Michael Hill stores.
Four Emma & Roe stores shut down in the first quarter, as the retailer continues the previously announced wind-down of its charm store chain. The company ended the period with two Emma & Roe stores and the brand’s website still operating.
CEO Phil Taylor said the company would remain focused its multi-pronged turnaround plan to reposition it from a traditional retailer to an omnichannel brand with more unique, branded product. Taylor is stepping down as CEO next month due to health reasons and will be replaced by retail and fashion veteran Daniel Bracken.
Michael Hill operates stores in Australia, New Zealand and Canada, and also had a presence in the United States until earlier this year when it closed its nine stores in Illinois, Minnesota and New York.
The retailer came to the United States in 2008, originally buying 17 stores in the Midwest from Whitehall Jewelers after it went bankrupt, but it never succeeded in turning its U.S. operation into a profitable venture.
When it reported its fiscal full-year results in August, Michael Hill said same-store sales were flat and profits had tumbled in part due to its exit from the U.S. market.
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