US sales boost Michael Hill first quarter figures

Listed jewellery retailer Michael Hill International has reported a 6.5% lift in first quarter sales (for the three months to September 30).

In a statement to NZX, the company said its total sales rose to $101.4 million compared with $95.2m in the same period last year. Calculated on a same store basis, sales were up 1.4% to $95.6 million.

The company said sales were "challenging" in its three established markets during the first quarter, but that the US business did show "some strong growth" over the previous first quarter.

"Overall the board is pleased with the sales results especially given they were on the back of strong growth in the first quarter of last year. The second quarter is the most critical trading period for the group so the next three months trade will largely determine the result for the 2011-12 year," chairman Michael Hill said.


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