Flat nine months for Michael Hill on sluggish Aussie market

BUSINESSDESK: Michael Hill International Ltd, the listed jewellery chain, posted flat same-store sales as New Zealand, Canada and the US markets made up for shrinking sales in Australia, its largest market.

Total sales rose 5.1% to $391 million for the nine months ended March 31.

Same store sales - the best measure of how the firm is tracking - increased 10.2% to $8.8m in the US, followed by New Zealand, up 8.9% to $81.8m.

Sales in Canada gained 0.8% to about $34m, while same store sales in Australia decreased 2.7% to $239m.

“Third-quarter sales were satisfactory in New Zealand, Canada and the US,” chairman Michael Hill said.

“The sluggishness in the Australian market has resulted in our group 'same-store' sales being flat for the nine months.

"However, the directors are pleased with the solid growth achieved in the three other markets.”

The company’s professional care plan, offering maintenance and repairs on jewellery, recorded a 208% rise in sales to about $20m for the nine months.

This follows record first-half sales of $14.4m in February.

“Cashflow continues to grow for the group due primarily to the ongoing success of the Professional Care Plan product launched in October 2010,” Mr Hill said.

In February, the retailer’s first half profit rose to $26.3m for the six months ended December 31, up from $25.6m in the same period a year earlier. Sales rose 7.3% to $289m.

Shares in the company have gained 19.5% this year, trading at $1.02.

Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot


Sym Price Change
USD 0.7285 -0.0007 -0.10%
AUD 0.9491 -0.0019 -0.20%
EUR 0.6499 -0.0003 -0.05%
GBP 0.5602 -0.0003 -0.05%
HKD 5.6486 -0.0055 -0.10%
JPY 73.2860 0.1040 0.14%


Commodity Price Change Time
Gold Index 1326.9 -10.480 2016-09-27T00:
Oil Brent 46.5 -1.410 2016-09-27T00:
Oil Nymex 44.7 -1.260 2016-09-27T00:
Silver Index 19.2 -0.430 2016-09-27T00:


Symbol Open High Last %
NZX 50 7260.4 7270.1 7252.9 0.22%
NASDAQ 5254.2 5306.8 5257.5 0.92%
DAX 10451.4 10455.9 10393.7 -0.31%
DJI 18099.2 18238.1 18094.8 0.74%
FTSE 6818.0 6865.4 6818.0 -0.15%
HKSE 23455.7 23556.9 23571.9 -0.20%
NI225 16505.0 16515.8 16683.9 -1.35%
ASX 5405.9 5435.0 5405.9 0.04%