Michael Hill increases 2013 sales 6.8% in challenging environment

Sir Michael

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Michael Hill International, the jewellery chain that bears its founder's name, increased sales 6.8 percent last year as it opened more stores in what the company said was a "challenging environment".

Sales climbed to $541.5 million in the 12 months ended June 30, from $507.3 million a year earlier when they rose at a 4.6 percent pace, the Brisbane-based retailer says in a statement.

Sales at stores open more than 12 months edged up 0.4 percent to $492.7 million, compared to a 0.3 percent decline the year earlier.

Shares in Michael Hill have slipped 0.8 percent the past three months, lagging a 2.2 percent gain in the benchmark index.

Sales in the three months ended June were "difficult" for the jeweller with flat sales growth in its largest market of Australia and declining sales in its other three markets, chairman Sir Michael Hill says.

"The directors are satisfied with the performance over the past 12 months, especially given the ongoing challenging environment."

The shares last traded at $1.33 and are rated "buy" based on two recommendations compiled by Reuters, with a price target of $1.53.

In Australia, which accounts for two-thirds of sales, total revenue rose 7.3 percent to $355.1 million from the year earlier.

In the company's second-largest market of New Zealand, sales rose 1.3 percent to $110.5 million, while revenue climbed 15.4 percent to $63.6 million in Canada and inched up 2.8 percent to $12.3 million in the US.

(BusinessDesk)


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

1 Comment & Question

Commenter icon key: Subscriber Verified

Hopefully he will aim higher than Kim Kardashian for his PR endeavours with some better cashflow. What about a pig with lip stick or is she still overseas?

Reply
Share
  • 0
  • 0

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

Forex

Sym Price Change
USD 0.7691 0.0066 0.87%
AUD 0.9665 -0.0025 -0.26%
EUR 0.7028 0.0016 0.23%
GBP 0.5030 0.0020 0.40%
HKD 5.9608 0.0519 0.88%
JPY 91.5170 0.6930 0.76%

Commods

Commodity Price Change Time
Gold Index 1201.9 22.820 2015-04-27T00:
Oil Brent 64.8 1.410 2015-04-27T00:
Oil Nymex 57.0 -0.190 2015-04-27T00:
Silver Index 16.4 0.754 2015-04-27T00:

Indices

Symbol Open High Last %
NZX 50 5765.4 5790.5 5765.4 0.07%
NASDAQ 5104.4 5119.8 5092.1 -0.63%
DAX 12035.6 12047.4 12039.2 -1.16%
DJI 18097.9 18175.6 18080.1 -0.23%
FTSE 7104.0 7104.0 7104.0 -1.07%
HKSE 28448.2 28548.5 28433.6 0.03%
NI225 20068.7 20133.8 19983.3 0.38%