Tough times in Australia for Michael Hill International

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

Australia is proving tricky for Michael Hill International, with the company warning that “difficult” trading across the Tasman will hit its interim profit.

In a trading update for the six months to December 31, the listed jewellery retailer reported solid same store sales growth in New Zealand, Canada and the United States.

However, it said retail was “challenging” in Australia, its largest market, resulting in a drop in same store sales for the period.

“The difficult market in Australia also put pressure on our margins during the second quarter which will adversely impact on profits for the half year,” MHI said, adding that Australia aside, the group’s cash flow remained strong for the half year.

MHI also noted the success of its PCP product since its launch in October 2010.

Revenue from sale of goods for the half year to 31 December 2011 (NZ dollars) (Table corrected from earlier version)
                                                       Last year              This year             Change
Australia same stores                178,209,185       177,400,018        (0.5%)
New Zealand same stores          54,409,635         59,814,848          9.9%
Canada same stores                    25,179,995         25,719,444          2.1%
United States same stores             5,694,527           6,629,475         16.4%
Total same stores                     $263,493,342     $269,563,785          2.3%

The figures represent five months accounting adjusted sales results plus December preliminary sales figures prior to final accounting adjustments and are unaudited.
Half year results for the six months months to December 31, 2011 will be released on February 16. 

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

1 Comment & Question

Commenter icon key: Subscriber Verified

I guess there will be another round of compulsory re-reading of the BOOKS across the executive team !

  • 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


Sym Price Change
USD 0.7567 0.0000 0.00%
AUD 0.9753 0.0000 0.00%
EUR 0.6945 0.0000 0.00%
GBP 0.5084 0.0000 0.00%
HKD 5.8650 0.0000 0.00%
JPY 90.0730 0.0000 0.00%


Commodity Price Change Time
Gold Index 1198.2 -6.000 2015-03-27T00:
Oil Brent 56.4 2.710 2015-03-27T00:
Oil Nymex 48.9 -2.560 2015-03-27T00:
Silver Index 17.1 -0.071 2015-03-27T00:


Symbol Open High Last %
NZX 50 5833.2 5854.2 5833.2 0.36%
NASDAQ 4863.7 4899.3 4863.4 0.57%
DAX 11920.2 11954.1 11843.7 0.21%
DJI 17673.6 17729.1 17678.2 0.19%
FTSE 6895.3 6910.6 6895.3 -0.58%
HKSE 24541.4 24549.9 24497.1 -0.04%
NI225 19374.7 19590.0 19471.1 -0.95%