Michael Hill International reports $69.5m profit

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 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.
 


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

Forex

Sym Price Change
USD 0.6751 -0.0081 -1.19%
AUD 0.8803 -0.0103 -1.16%
EUR 0.6034 -0.0062 -1.02%
GBP 0.4294 -0.0053 -1.22%
HKD 5.2338 -0.0628 -1.19%
JPY 82.7190 -1.1350 -1.35%

Commods

Commodity Price Change Time
Gold Index 1178.5 4.430 2015-06-29T00:
Oil Brent 62.0 -0.800 2015-06-29T00:
Oil Nymex 58.3 -1.350 2015-06-29T00:
Silver Index 15.7 -0.080 2015-06-29T00:

Indices

Symbol Open High Last %
NZX 50 5705.8 5737.4 5705.8 0.37%
NASDAQ 5021.2 5051.0 5080.5 -2.40%
DAX 11058.0 11125.8 11083.2 0.17%
DJI 17936.7 17936.7 17946.7 -1.95%
FTSE 6620.5 6620.8 6620.5 -0.41%
HKSE 25944.0 26470.4 25967.0 1.09%
NI225 20174.6 20243.2 20110.0 0.63%