Michael Hill's Same-Store Sales Rise in First Quarter

RAPAPORT... Australian jeweler Michael Hill reported strong same-store sales in the first fiscal quarter amid robust consumer demand and a reopening of the Canadian market.Same-store sales - at branches open more than a year - rose 16% year on year to AUD 102.2 million ($74.9 million) during the three months ending September 26, the company said Tuesday. Group sales slipped 10% to AUD 107.6 million ($78.8 million), primarily reflecting the closure of 87 stores in Australia and New Zealand due to Covid-19 restrictions. Meanwhile, all 86 locations in Canada had reopened by early July."Upon reopening, our Canadian business has been flying, delivering impressive sales and margin growth every week," said Michael Hill CEO Daniel Bracken. "This demonstrates that as territories reopen, the business is ready to meet the strong consumer demand."Total sales fell 25% in Australia and 13% in New Zealand during the period, but rose 19% in Canada. Some 71 of the company's 150 Australian stores were closed for a majority of the quarter, while several in New Zealand were shuttered for five weeks. Shops in Australia began progressively reopening in the second week of October, and only 16 of the 49 in New Zealand remained closed at the end of the quarter.E-commerce sales surged 58% year on year in the first quarter. That figure represented 9% of total sales for the period, compared to 5% a year ago.Image: A Michael Hill store in Toronto, Canada. (Michael Hill)