NJN: U.S. Leads Michael Hill's Growth

(IDEX Online News) – Same-store sales in the U.S. market for Australian jeweler Michael Hill rose 18 percent to $7.1 million in the nine-month period ended March 31, the company reported Thursday.

Michael Hill termed the U.S. results “satisfactory.”

Globally, same-store sales for the company increased 0.3 percent during the nine-month period. Total sales rose 5 percent, from $308 million to $323.8 million.

The company cited weaknesses in the Australian market, where same-store sales fell 3 percent amid “tight” retail conditions, as a reason for its flat comps. Same-store sales in New Zealand rose 9 percent, while Canadian comps were up 1 percent.

Based in Brisbane, Michael Hill operates jewelry stores in Australia, New Zealand, Canada and the United States. The company has nine stores in the U.S. market, all in Illinois.