Jewellery chain Michael Hill International (MHI) improved first quarter performance in all its markets from a year earlier, and is now into the key second quarter which will largely determine its annual result.The company today reported total sales for th
Jewellery chain Michael Hill International (MHI) improved first quarter performance in all its markets from a year earlier, and is now into the key second quarter which will largely determine its annual result.
The company today reported total sales for the three months to the end of September up 12.8 percent from a year earlier to $95.4 million.
Australian same store sales lifted 11.5 percent to $63.3m, with all store sales up 11.1 percent to $64.1m. In this country same store and all store sales grew 19 percent to $20.8m.
For Canada same store sales lifted 20.9 percent to $7.6m and for all stores were up 26.3 percent to $8.5m.
In the United States, where eight stores were closed in June, same store sales lifted 17.5 percent to $1.9m, with sales down 27 percent in total.
In local currencies, Australian same store sales lifted 9.5 percent, in Canada the rise was 22.6 percent and in the US it was 26.5 percent.
Chairman Michael Hill said the company was "very satisfied" with the gains made in all markets, even though the effects of the global financial crisis were still being felt in the corresponding quarter in 2009.
The second quarter was the most critical trading period for the group, so the next three months trade would largely determine the result for the 2010-11 year, Mr Hill said.
The first quarter figures represented two months accounting adjusted sales results plus September preliminary sales figures before final accounting adjustments.
MHI shares were up 2c to 70c in early afternoon.
