17 Jul 2015

NZ sales add sparkle to Michael Hill results

2:12 pm on 17 July 2015

Michael Hill International has lifted full year sales due to strong performance in New Zealand offsetting a weaker showing in Australia.

The Brisbane-based jeweller reported total sales rose to $A495 million in the year to June, up more than 3 percent on the previous year.

New Zealand's growing economy added some sparkle to Michael Hill's total sales, which rose 7 percent to $106.2 million.

But in Australia, which generally accounts for nearly two-thirds of sales, the figure declined 1 percent to $294.4 million, reflecting the country's cooling economy.

That also dampened a key indicator - sales at stores open at least a year.

Overall same store sales rose a modest 0.7 percent to $462.7 million; those in New Zealand rose more than 4 percent, which offset a 2.5 percent decline across the Tasman.

In the much smaller operations in America and Canada, same store sales rise by 14 percent and 3 percent respectively.

Michael Hill opened 12 stores during the year and closed two, giving it a total of 288 shops.

The company will release its full year results on 14 August.

Michael Hill's shares rose 2 cents to $1.02 on the news.

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