The “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
Michael Hill Profit Takes a Hit After US Exit
Also impacting the Australian retailer’s results was the closure of its Emma & Roe charm stores.

Brisbane, Australia—Same-store sales fell flat and profit tumbled for Michael Hill due, in part, to the closure of its U.S. operations and Emma & Roe business.
On Sunday, the Brisbane-based jeweler reported that operating revenue for fiscal year 2018 (ended June 30) rose 4 percent year-over-year to $575.5 million Australian dollars ($421.8 million), though same-store sales were essentially flat.
Statutory net profit after tax fell 86 percent to AU$4.6 million, with one-off costs, including the costs incurred in closing U.S. and Emma & Roe stores, materially impacting the result, the company said.
Group net profit after tax from continuing operations slid 21 percent to AU$34.8 million.
Michael Hill announced in January it was exiting the U.S. market and would be closing down its nine remaining stores, which were located in Illinois, Minnesota and New York. The company came to the United States in 2008, originally buying 17 Midwest stores from Whitehall Jewelers after it went bankrupt, but never was able to turn its U.S. operation into a profitable venture.
The Michael Hill website now includes a message informing consumers that it has “recently” closed its U.S. stores but noting that they can still shop online.
In March, the retailer made another closure announcement—it would shutter 24 of the 30 Emma & Roe charm stores it operates in Australia and New Zealand. It followed up in June to say it would close the remaining six stores.
Like Tiffany & Co. and Signet Jewelers Ltd., Michael Hill is in the middle of executing a multi-pronged turnaround plan with a heavy emphasis on improving omnichannel capabilities and increasing the amount of unique, branded product carried in its stores.
In the news release accompanying its results, CEO Phil Taylor called FY2018 one of “recalibration and repositioning” for the company, which wants to focus on its Michael Hill stores only in Canada, New Zealand and Australia.
He noted the company has “made significant progress on its strategy to reposition Michael Hill from a traditional retailer to a differentiated omnichannel brand.”
In fiscal year 2018, Michael Hill reported e-commerce sales increased by 57 percent to AU$10.3 million, but they still represented a little less than 2 percent of total sales.
The retailer also reported sales of pieces from branded collections increased from 14 percent to 18 percent of total product sales.
The Latest

Luxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.

Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

It follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.


In its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.

The announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Kellie, who joined the organization in 2019, will remain in his role through the end of 2025.

Police officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.

The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.

Sponsored by the Gemological Institute of America

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

This past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.

The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

The new location continues the brand’s celebration of its 25th anniversary.

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

She will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.