Michael Hill International lifts 9-month same store sales

In the nine months to March, same store sales at Michael Hill stores in New Zealand were 6.4 per cent above levels from a year ago. Photo / Brett Phibbs

Jeweller Michael Hill International reported nine-month same store sales 5.4 per cent up on a year ago at $308.3 million, while all store sales lifted 8.5 per cent to $341.6m.

Good sales growth continued in the March quarter in both this country and Australia, although conditions continued to be difficult for the Canadian business, chairman Michael Hill said today.

"With the impacts of the global financial crisis receding, the company has also experienced some margin growth over the nine months.

"Conditions in the US continue to be challenging, however we have achieved some sales growth on a month-by-month basis in local currency terms," he said.

Figures released today show that in the nine months to March, same store sales in this country were 6.4 per cent above year ago levels at $73.2m, with all store sales gaining 6.5 per cent to $74.1m.

Australian same store sales were up 7.4 per cent to $212.5m, or in Australian dollars were up 4.9 per cent to A$171.6m. All store sales across the Tasman lifted 9.9 per cent to $227.1m, or in local currency were up 7.3 per cent to A$183.4m.

In Canada same store sales dropped 13.2 per cent to $22.5m, or lost 4.8 per cent to $C17.3m. All store sales in Canada were up 5.4 per cent to $29.3m, while in Canadian dollars the increase was 15.8 per cent to $C22.6m.

In the US all store sales lifted 1.5 per cent to $11.1m, which in greenbacks amounted to a 28.2 per cent rise to US$7.9m.

- NZPA