Michael Hill first quarter revenue rises 8.7 percent
Michael Hill International [NZX: MHI], the jewellery chain that bears its founder's name, increased revenue 8.7 percent in the first quarter as sales edged up in its largest market in Australia and jumped in Canada, while momentum slowed in New Zealand.
Sales climbed to A$98.5 million in the three months ended Sept. 30, from A$90.6 million in the year earlier period, the Brisbane-based company said in its first statement since shifting to Australian dollar reporting on Oct.3. Sales at stores open more than 12 months rose 3.8 percent to A$91.7 million, it said.
Excluding the impact of conversion to Australian dollars, sales at Australian stores increased 5.5 percent to A$64.8 million, New Zealand sales slipped 6.1 percent to NZ$21.3 million, Canadian sales rose 25 percent to C$12.4 million and US sales slipped 4.2 percent to US$2 million reflecting the closure of one store, the company said.
Shares in Michael Hill last traded at $1.43, having gained 16 percent so far this year. The stock is recommended as a 'buy', according to Reuters consensus data.