Michael Hill’s local same store sales are continuing to climb in the second half of the financial year, with a 6.4% sales increase in its New Zealand stores over the past nine months.
The international jeweller unveiled its nine-month sales results today, with sales following the same trends seen when it released its interim figures in February.
In the latest figures, its Australian operations continue to lead the way, with a 7.4% increase in same store sales across the Tasman. The rise from $197.7 million to $212.5 million built on a 3.6% lift at the six-month mark.
The company’s 53 New Zealand stores have also performed strongly, up 6.4% to $73.2 million.
The North American market is still proving a tough retail battleground for the jeweller, with Canadian same store sales down by 13.2% to $22.5 million.
But this drop was reduced to 4.8% when measured in Canadian currency and sales across all stores in that country were up 5.4%.
Michael Hill’s relatively new United States business – where it has operated 17 stores since late 2008 – saw total sales stay reasonably steady, up a modest 1.5% to $11.1 million, with an increase of 28.2% when measured in US currency.
The company conceded that conditions “continued to be difficult” for the Canadian business, although it did point out that the decline each quarter this financial year has been better than the preceding quarter.
It added that it has experienced “some margin growth” over the past nine months as the impact of the global financial crisis started receding.
The stronger sales figures in recent months have had little impact on the company’s stock price (NZX:MHI), with shares in the jeweller hovering around the 70c mark since June last year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- “A very ballsy thing to do” – Rodney Hide and Kelvin Davis discuss Serco’s response to Correction’s Mt Eden Prison report
- “The response from shareholders has been overwhelming” — A2 Corporation chief executive Geoff Babidge
- Greg Gent says a board of 13 people is "prehistoric"
- Arvida CEO Bill McDonald on his company's half-year net profit
- Lance Wiggs on the future of food exports
- Auckland Councillor Chris Darby on the Council's alternative funding report
- Nevil Gibson discusses his latest Editor's Insight on oil prices
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories