Michael Hill Gets a Boost from Digital Sales

RAPAPORT... Michael Hill's sales rose in the third fiscal quarter as robust e-commerce growth compensated for store closures in Australia and Canada.Group revenue climbed 12% to AUD 118.5 million ($91.5 million) in the three months ending March 31, the jeweler reported last week. During the quarter, the company was forced to close 72 stores in Australia, 16 in New Zealand and 46 in Canada temporarily due to coronavirus restrictions. However, digital sales for the January-to-March period jumped 69% year on year as consumers moved online for their purchases. Same-store sales - at branches open for at least a year - grew 16%.Same-store sales in Australia climbed 18% to AUD 66 million ($50.9 million), while those in New Zealand rose 15% to NZD 25.9 million ($18.6 million). Same-store sales in Canada surged 31% to CAD 17 million ($13.5 million)."Our strategic growth agenda underpins [our] performance as we accelerate digital innovation and embrace new ways to shop and elevate our brand," said Michael Hill CEO Daniel Bracken. "Considering the ongoing challenges of navigating Covid-19, particularly in Canada, this result demonstrates the resilience of the Michael Hill business."Image: A Michael Hill store in Brisbane, Australia. (Michael Hill)