Despite achieving a modest 0.8 per cent increase in overall same store sales from AU$260.1 million to AU$262.1 million, the jewellery chain recorded a drop in same store revenue for Australia.
In the six months ended 31 December 2014, same store sales in the region decreased 2.1 per cent from AU$166.6 million to AU$163.1 million, compared to the same period in 2013.
New Zealand fared better, finishing the year with NZ$62.8 million (AU$59.7 m) in same store sales – 4.1 per cent higher than its 2013 result.
Revenue also increased in Michael Hill’s international markets; same store sales rose 4.4 per cent from CAD$34 million (AU$34.5 m) to CAD$35.5 million (AU$36 m) in Canada, and 9.1 per cent from US$4.1 million (AU$5.1 m) to US$4.6 million (AU$5.5 m) in the US.
Furthermore, overall revenue for all stores increased 3.9 per cent to AU$279.3 million.
Company chairman Sir Michael Hill stated that over the six-month period, eight new stores opened and one closed, with 285 stores trading at 31 December 2014.
The update did not include financial information from Michael Hill’s Emma & Roe-branded outlets.
“The group is continuing to refine and test the Emma & Roe retail model,” Hill explained.
Michael Hill launched the Emma & Roe jewellery brand, which specialises in a range of charms, bracelets, necklaces, earrings and stackable rings, in April last year.
The jewellery chain’s full half-year results will be released on Friday, 13 February 2015.
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