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.
 


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 0.7194 0.0016 0.22%
AUD 0.9356 0.0029 0.31%
EUR 0.6821 0.0016 0.24%
GBP 0.5773 0.0009 0.16%
HKD 5.5815 0.0112 0.20%
JPY 81.4310 0.0100 0.01%

Commods

Commodity Price Change Time
Gold Index 1237.4 1.710 2017-02-22T00:
Oil Brent 55.9 -0.820 2017-02-22T00:
Oil Nymex 53.6 -0.760 2017-02-22T00:
Silver Index 17.9 -0.050 2017-02-22T00:

Indices

Symbol Open High Last %
NZX 50 7062.5 7100.8 7062.5 0.38%
NASDAQ 5857.6 5864.4 5865.9 -0.09%
DAX 11994.1 12016.0 11998.6 -0.07%
DJI 20715.4 20781.6 20743.0 0.16%
FTSE 7302.2 7308.3 7302.2 -0.11%
HKSE 24122.2 24216.5 24202.0 -0.36%
NI225 19379.9 19379.9 19379.9 -0.04%
ASX 5805.1 5805.1 5805.1 -0.35%