Flat same store sales for Michael Hill

Michael Hill International said today that same store sales for the third quarter to March 31 were up just 0.1 per cent on the same period a year ago.

For the nine months to March 31, New Zealand same store sales were up 1 per cent at $66.3 million while sales in Australia fell 0.8 per cent to $126.6m. Sales in the company's fledgling Canadian market grew 12.5 per cent to $4.9m.

Total same stores rose 0.1 per cent to $197.85m.

Sales, including new stores, rose 2.1 per cent in New Zealand to $67.6m while those in Australia rose 8.3 per cent to $146.1m.

MHI shares initially fell 12c to $7.26 in a weak market shortly after the announcement but were up 2c to $7.40 in late trading. The shares have traded between $6.55 and $8.11 in the last 12 months.

- NZPA