Michael Hill increases sales

Written By Unknown on Selasa, 09 Juli 2013 | 11.25

MICHAEL Hill International increased sales by 6.8 per cent last year as it opened more jewellery stores in a challenging environment.

Sales climbed to $NZ541.5 million ($A467.62 million) in the 12 months ended June 30, from $NZ507.3 million a year earlier when sales rose at a 4.6 per cent pace, the Brisbane-based retailer said.

Sales at stores open more than 12 months edged up 0.4 per cent to $NZ492.7 million ($A425.47 million), compared with a 0.3 per cent decline the year earlier.

Sales in the three months ended June were difficult for the jeweller, with flat sales growth in its largest market of Australia and declining sales in its other three markets, chairman Michael Hill said.

"The directors are satisfied with the performance over the past 12 months, especially given the ongoing challenging environment," he said.

In Australia, which accounts for two thirds of sales, total revenue rose 7.3 per cent to $NZ355.1 million ($A306.65 million) from the year earlier.

In the company's second-largest market of New Zealand, sales rose 1.3 per cent to $NZ110.5 million ($A95.42 million), while revenue climbed 15.4 per cent to $NZ63.6 million ($A54.92 million) in Canada and inched up 2.8 per cent to $NZ12.3 million ($A10.62 million) in the US.


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