Australian jewelry brand Michael Hill International Ltd has posted a 66% increase to $25.9 million in annual profit for the year ended June 30, Gem Konnect reports. The jeweler’s revenue totaled $462.3 million for the period. The company now has 332 stores worldwide.
The higher profit was attributed to “a steady growth” of the Michael Hill chain in Australia and New Zealand and higher revenue growth in Canada. Higher losses were reported in the US market, which also features the jeweler’s new Emma & Roe chain.
The Emma & Roe brand, “which sells charm bracelets and accessories”, showed a 62% increase in revenue to $12 million,mainly due to the opening of 13 new stores. Same-store sales dropped 2.1% to $5.7 million and expenses increased 89% to $13.4 million.
