Michael Hill International's largest market, Australia, is showing weak growth, while same stores sales in its New Zealand arm have fallen and most of the growth is coming from Canada.
Michael Hill has stores in Australia, New Zealand, Canada and the United States.
Sales in stores across all of the regions which were open at least a year, a key indicator, rose 5.4 percent to $338.6 million in the nine months to the end of March.
Converting same store figures into local currency for the regions it operates in, sales were actually weaker in New Zealand but grew in the other three countries, albeit slower than the growth represented in Australian dollars.
Sales in New Zealand fell 2.9 percent to $83.4 million, while Australia experienced 1.4 percent growth, the US 2.8 percent and Canda more than 9 percent.
Milford Asset Management investment analyst Victoria Harris said Australia's trading results were weak, especially as it was the company's largest market.
"I think the market over there, we have seen some good signs of consumers spending again but it seems they're still having sluggish growth over there," she said.
"They've gone through a store transformation process, so it might be a case of just that new store branding and positioning themselves over there has yet to take hold and result in higher sales growth."
New Zealand's result was concerning; there had been hopes of a turnaround but it was down 3 percent for the nine months so unless there was quite a turnaround in the last quarter, the full year was likely to be negative, Ms Harris said.
She did not believe New Zealand's poor result was the result of new retail management structure changes taking time to bed in, saying they had had nine months.
"So I would say that they would definitely need to take a look at the New Zealand market and see if there's any steps they can take to turn that around," she said.
