Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Michael Hill jewellers has seen its sales grow nearly 12 per cent during the quarter
  • Sales in Canada and New Zealand increased the most, and now make up over 40 per cent of revenue and sales
  • The company says stores restructures, branded collections, and online sales drove sales growth
  • Michael Hill’s share price is up almost 16 per cent at midday trade, with shares worth 66 cents each

Micheal Hill jewellers’ share price is on the rise this morning after announcing its sales are up 11.9 per cent for the quarter.

Shares in the company are up 15.79 per cent at midday trade, currently worth 66 cents each.

Sales growth was recorded across its operations in Canada, New Zealand, and Australia. Stores in Canada are the best performing, with sales up 16.4 per cent on the previous year.

New Zealand sales saw a 10.1 per cent growth, and Australian sales increased by 6.8 per cent.

International sales now make up over 40 per cent of the company’s revenue and profit, according to Michael Hill’s CEO Daniel Bracken.

Michael Hill attributes its success in Canada to a dedicated restructure of operations.

Daniel said: “The areas of focus included a restructure of the retail operations team, the introduction of new retail leadership roles, the new operating model, product launches, a shift in key metrics and the trial of a new retail bonus scheme.”

Even though sales in Australia increased the least, the company is still pleased that it recorded growth as the retail climate in the country has been harsh, according to Michael Hill.

Additionally, the jewellers have been working on developing its branded collections and online sales to drive growth.

“Our new retail operating model was validated in August, with the deliberate alignment of retail, merchandise, marketing and e-commerce,” Daniel said.

The company expects sales growth to continue as the Christmas period approaches.

MHJ by the numbers
More From The Market Herald

" Booktopia (ASX:BKG) to open new customer fulfilment centre

Booktopia (ASX:BKG) has secured a new, a larger 20,000 metres square clean skin customer fulfilment centre…
The Market Herald Video

" Atomos (ASX:AMS) appoints Trevor Elbourne as CEO

Atomos (ASX:AMS) promotes its Chief Technology Officer to the position of Chief Executive Officer.
The Market Herald Video

" Briscoe (ASX:BGP) posts half-yearly sales growth as online channel thrives

New Zealand retail group Briscoe (ASX:BGP) has posted another quarter of sales growth for the three…
Nutritional Growth Solutions (ASX:NGS) - CEO and Managing Director, Liron Fendell

" Nutritional Growth Solutions (ASX:NGS) enters South Korean market

Nutritional Growth Solutions (ASX:NGS) will launch its Health Heights product line in South Korea following a…