6 Apr 2009

Michael Hill sales up 10% in three months

6:16 pm on 6 April 2009

Michael Hill International says its sales for the past three months are up 10% to $287 million.

By the key indicator of sales at stores open at least a year, however, sales rose a more modest 2% for the three months to the end of March.

In Canada, sales fell 8.7% on a same-store basis but rose .5%in New Zealand dollar terms. On the same basis, sales rose 1.1% in Australia.

The jewellery retailer says the increased sales were achieved by lowering margins to bolster volumes, while the focus on cutting costs is maintained.

It says the US, where last year it bought 17 stores from a chain in bankruptcy protection, continues to be a tough market.