A group of four alleged thieves wielding weapons targeted a Michael Hill Jeweller store in Dress Smart Onehunga this afternoon.
Michael Hill Jewellers’ performance has declined for 2023, following a tough year of retail pressures and crime for its New Zealand arm.
The group reported a 4.2% increase in revenue, up to A$644 million, thanksto continued performance in Australia and Canada, and the acquisition of Bevilles.
But the group posted a net loss after tax of A$479k for FY23, down a significant 101.4% on the from A$35.2m profit a year before.
The business also reported an ebitda of A$82.2m for FY23, down 29.4% from A$116.6m the year prior.
Michael Hill pointed to low consumer confidence, broader macroeconomic positions, and higher input costs for diamond and gold as key challenges across the year.
The NZ arm of Michael Hill has reported an 11.8% decline in revenue for FY23 to $114.8 million, down from $132m in 2023.
Crime played a factor in the New Zealand market, with the company saying investment in security measures across the year had a $5m direct impact on earnings.
It also forced the closure of two of its retail locations within the year.
Daniel Bracken, chief executive of Michael Hill, said it was a challenging year for the business. Photo / Supplied
Michael Hill managing director and chief executive officer Daniel Bracken said it was a challenging year for the business, but he was proud of how the team came together.
“While FY24 earnings were disappointing, with challenging economic conditions and inflationary pressures impacting consumers across all markets, the business continued to execute on its clearly articulated strategy, focus on retail fundamentals, and drive topline sales.”
The business also had a brand refresh across its digital platforms, including a new logo and colour palette. It also made changes to in-store visual merchandising and packaging.
Crime continues
The business has been hit especially hard with retail crime in recent years, with ram raids prevalent at several stores across the country.
Bracken said that “security and safeguarding measures remain integral” for the chain.
“We have continued to review our security measures to ensure we are doing everything we can to protect our team and customers.”
With “continued offending in New Zealand”, the company rolled out new security measures, including smash-proof glass, extra fog cannons, alarm screamers, and personal alarms for staff.
DNA spray technology was also being used to protect staff and customers.
Bracken said it was “incredibly disturbing” to see the robberies continue and they would prioritise the installation of assault glass across all stores.
The group wearing masks and clad “head to toe” in black stormed the Michael Hill Jeweller at Westgate’s NorthWest Shopping Centre on April 28, using hammers to smash glass cabinets before making off with the loot.
Waitematā West area investigations manager Detective Senior Sergeant Megan Goldie at the time said the group was armed with hammers, an axe, and a machete and smashed their way into several glass display cabinets at the store.