Michael Hill International has seen its annual profit rise by a fifth, due to more stores in Australia.
The jeweller made $NZ25.2 million in the year to June.
Revenue rose 8% to $NZ377 million as it added a net 10 stores in Australia, another two in New Zealand, and a further six in Canada.
But the tougher economic environment is taking its toll: sales at stores open at least a year fell in New Zealand and Canada, while barely rising in Australia, where it makes most of its revenue.
The company declared a full year dividend of 3.2 cents per share.