Michael Hill International reports $69.5m profit

Michael Hill International has reported a $69.5 million net profit for the year to June 2009, up 175.6% from the previous year's profit of $25.23m.

Operating revenue rose 9.4% to $411.9 million while ebit at $26.193 million was down 38%.

Costs incurred during the period included restructuring consultancy costs ($1.226 million) and US acquisition costs ($1.569 million). 

As of June 2009, there were 239 Michael Hill stores internationally, including 30 new stores opened during the 12 month period. New stores include 17 new stores in the US and that segment reported a $20.149m net profit before tax, down 46.3% on 2008.

New Zealand retail revenue decreased 6.8% to $90.393 million, while ebit decreased 18.9% to $14.954m.

The Australian segment provided the best results, with a 4.3% increase on revenue, at $221.113 million.  Ebit increased 5.9% to $33.831 million.

The company reported "difficult" trading conditions across all segments as retail spending retracted but maintained that the US acquisitions were an opportunity for the future.

Its share price was unchanged at 72c at the time of publication.
 

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