Advertisement
Advertisement

Michael Hill Jewellers on Track for 100 Canadian Stores

Retail industry news delivered directly to you. Subscribe to Retail-Insider.

Brisbane Australia-based jewellery retailer Michael Hill is seeing remarkable success with its Canadian operations. The company currently has 80 stores nationally, and it plans to operate about 100 locations towards the end of the decade. 

Michael Hill’s newly released 2017 earnings report shows that its Canadian same store sales increased by 8.8% from last year to $94.2 million, outperforming the company’s overall growth of 1.6% internationally. Including new store openings, Canadian revenue was up 18.1% year-over-year, with 2017 sales of $112.7 million and a gross profit of 61.3%. The company opened nine Canadian stores over the past 12 months. Impressively, its Canadian operating profit was $12.6 million, an increase of 38% on last year.

“The Canadian segment continues to show strong growth as we achieve scale and market share across the country,” says the earnings report. “The Company is confident this trend will continue in the coming year as we open more stores and gain further brand recognition in existing markets.” 

Michael Hill plans to open seven Canadian stores in the 2017/18 year, with a further seven for 2018/19, and four stores in 2019/20. Michael Hill’s North American President Brett Halliday confirmed that the company’s next three stores, opening in September and October of this year, will include locations at Conestoga Mall in Waterloo ON, at McAllister Place in Saint John NB, and at Regent Mall in Fredericton NB. 

(CLICK IMAGE TO SHOP THE MICHAEL HILL CANADIAN ECOMMERCE WEBSITE)

Michael Hill operates 332 stores: in Australia (166 stores), New Zealand (52 stores), Canada (76 stores) and The United States (9 locations). Sir Michael Hill and his wife, Christine, founded Michael Hill jewellers in New Zealand in 1979, and moved its headquarters to Australia in the late 1980’s. The family continues to maintain a 53% ownership stake in the company. The company’s first Canadian location opened at Lougheed Town Centre in Burnaby, BC in 2002. 

Article Author

Craig Patterson
Craig Patterson
Now located in Toronto, Craig is a retail analyst and consultant at the Retail Council of Canada. He's also the Director of Applied Research at the University of Alberta School of Retailing in Edmonton. He has studied the Canadian retail landscape for the past 25 years and he holds Bachelor of Commerce and Bachelor of Laws Degrees. He is also President & CEO of Vancouver-based Retail Insider Media Ltd.

More From The Author

Disney Confirmed to be Shutting All Stores in British Columbia as...

The three stores in BC will shut within two weeks and locations in other provinces are expected to follow before the end of the summer.

Aritzia Expands into Menswear Space with Majority Acquisition of Vancouver-Based Reigning...

It follows Aritzia’s move into menswear in 2019 with a ‘puffer’ jacket.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RECENT ARTICLES

Subscribe

* indicates required
Get Connected

RECENT RETAIL INSIDER VIDEOS

MOST-READ ARTICLES

- Advertisement -
Advertisement
- Advertisement -
Advertisement
- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -