Michael Hill reports sales rise

Michael Hill International has reported 8.8 percent sales growth in the nine months to March 31.
Posted in News

 
Michael Hill International has reported 8.8 percent sales growth in the nine months to March 31.
 
In an official statement, company chairman Michael Hill said sales in the third quarter were positive in the retailer’s key markets, New Zealand and Australia “while Canada traded slightly down on the same quarter last year”.
 
“Pleasingly, our US stores traded well up during the quarter continuing the gains made over the past few years,” he said.
 
“The same store sales for the nine months are up on last year in local currency in all markets.
 
“Cash flow remains strong and our Professional Care Plan product continues to deliver good cash flow to the business and is now also contributing solidly to the Group’s results.”
 
Michael Hill’s total sales revenue for the nine month period until March 31 rose 8.8 per cent from NZ$391million to $NZ425 million.
 
In Australia total sales revenue rose 9.1 per cent to reach NZ$280 million while sales in New Zealand increased 3.6 per cent to NZ$87 million, sales in Canada increased 18.1 percent to NZ$49 million and sales in the US increased 4.8 percent to NZ$9 million.
The company’ total same-store sales in the same period were 2.2 per cent higher at NZ$388 million.
Same-store sales in Australia rose 2.1 per cent to reach NZ$253 million, 3.1 per cent to NZ$86 million in New Zealand, 0.7 percent to NZ$40 million in Canada and 4.8 per cent to NZ$9m in the US.
Michael Hill International operates 263 jewellery stores in Australia, New Zealand, Canada and the United States.

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