Michael Hill’s revenue grew 8% year-on-year to $99.7 million in the third quarter, “driven by improved performance in Australia, New Zealand and Canada”, as reported in Rough & Polished.
The Australian based jeweler reported that sales in Australia grew 6% to $55.8 million, while New Zealand sales increased 6% to $17.7 million. Revenue from the company’s stores in Canada stores jumped 22% to $20.6 million. However, US sales fell 15% to $2.6 million, while same-store sales there dropped 9%.
During the quarter, Michael Hill opened ten new stores under that brand name, and one under the Emma & Roe banner.. As of September 30, the group was operating 313 Michael Hill stores and 30 Emma & Roe outlets. According to the same report, the jeweler plans to open three Michael Hill stores in Australia and one in Canada during Q4.
