It is a mixed picture in the jewellery business at the moment, with Michael Hill International reporting an overall rise in same-store sales in New Zealand dollar terms in the three months to September 30.
But the Australia stores that traded well for the quarter started to feel
the pressure of global conditions during September and New Zealand was down.
The company's 17 United States stores traded for 28 days of September and the board said it was satisfied with their results given the fact they were trading under Chapter 11 before acquisition.
"This market will take quite some time to turn around but the board is confident this investment will position the company well for the future."
When translated to New Zealand dollars, same-store sales in Australia rose 11.6 per cent in the three months from a year ago, while New Zealand store sales fell 6.7 per cent. Canadian store sales fell 7.1 per cent.
In local-currency terms Australian sales rose 2.3 per cent, Canadian sales fell 11.6 per cent.
"New Zealand struggled for much of the quarter and we aren't expecting this to improve materially during the balance of the financial year due to the economic climate."
- NZPA
