Jewellery retailer Michael Hill International Ltd increased revenue by 3.3% & same-store sales by 0.4% in a year hit by closures in the US and of its Emma & Roe chain.
Michael Hill International Ltd has decided to close all its 30 Emma & Roe stores instead of keeping 6 open and repositioning the brand towards demi-fine jewellery.
Jewellery retailer Michael Hill International Ltd will close all 9 of its US stores around 30 April at an estimated cost of $US4.5 million ($NZ6.1 million).
Jewellery chain owner Michael Hill International Ltd said yesterday it expected the lossmaking exit from its US business and repositioning of the Emma & Roe stores would cut December half-year ebit (earnings before interest & tax) from $A40 million in 2016 to $A15 million.
Jewellery retailer Michael Hill International Ltd conceded defeat last week for its 9-store US business, but will continue to look for a niche for its 30-store Emma & Roe brand.
Jewellery retailer Michael Hill International Ltd increased group revenue by 4.7% and same-store sales by 0.5% in the December half-year, but reiterated concern about its US business.