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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Pumpkin Patch receivers expected to target Christmas shoppers
- Restaurant Brands agrees to pay $US105m for Hawaiian fast-food chain
- Wynyard: classic governance failure – Hawkins
- Abano’s major shareholder unsuccessfully opposed chairman’s re-election
- Worried about your workplace culture? You’re not alone
Most listened to
- Massey University's David Tripe talking about ANZ's exposure to Pumpkin Patch
- NBR's Jenny Ruth on Abano's major shareholder's continuing feud with the company
- Better by Design's Geoff Suvalko explains how a struggling business can turn around
- John Key says further RMA will be needed - but he needs a mandate to do so
- Craigs' Mohandeep Singh on Bapcor's takeover offer for Hellaby