International drives jeweller

Michael HillCanada and the US were the driving force behind Michael Hill’s growth in the six months to December 31, 2014.

Overall, the company recorded an after tax profit of A$23.6 million – a 46 per cent gain on the prior corresponding period.

Total operating revenue was a$283.1 million, up 4.6 per cent on same period last year.

Michael Hill’s Canadian retail stores grew by 18.4 per cent to C$44.8 million, while the US saw 18.1 per cent growth, to $US5.9 million.

New Zealand retail stores also fared well with revenue increasing 3.8 per cent.

Sales for NZ alone came in at NZ$63.2 million, with an operating surplus of NZ$13.9 million, up 12.9 per cent on the corresponding period.

Same store sales in local currency in the six months increased 4.4 per cent.

According to the company, the improved performance of the NZ segment is a continuation of the turnaround in this business that began in 2013/14.

There are 52 stores in NZ.

Australia’s 166 stores were a drag on the business, with revenue decreasing 1.9 per cent to A$168.5 million. Same store sales fell 1.9 per cent.

The new Emma & Roe business now has seven stores in Australia and one in NZ, however, Michael Hill declined to announce results separately as the concept is still in ‘test mode’.

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