Michael Hill surges after lift in same store sales

Jewellery retailer Michael Hill International has reported a 4.4 per cent lift in same-store sales to $221.2 million for the half-year to the end of December.

Shares closed up 7c, or 10.6 per cent, to 73c yesterday, the biggest rise since October 2008.

Chairman Michael Hill said yesterday improved trading conditions during the Christmas period had helped lift the same-store figures, which had been flat at the end of the first quarter.

All countries had improved same- store trading performance from the first quarter, Hill said.

In North America, where retail conditions remained difficult, some encouraging trends were seen emerging in the second quarter.

In Australia same-store sales for the six months lifted 6.2 per cent to $153.3 million, although in local currency terms were up 3.6 per cent to A$124.4 million.

In New Zealand same-store sales were up 5.4 per cent to $51.7 million, while in Canada they fell 12.6 per cent to $16.2 million, or in Canadian dollars were down 4.9 per cent to C$12.5 million.

All-store sales were up 8.8 per cent in Australia to $163.4 million, or up 6 per cent in the local currency to A$132.6 million.

In this country the rise was 5.5 per cent to $52.3 million, in Canada all-store sales were up 7 per cent to $21.1 million, or in Canadian dollars up 16.6 per cent to C$16.3 million.

In the United States all-store sales lifted 7 per cent to $7.5 million, or in US dollar terms were up 30.9 per cent to US$5.4 million.

- NZPA