Michael Hill Enjoys Half-Year Boost

RAPAPORT… Michael Hill’s sales rose 4.7% in the fiscal first half as
growth in Canada and New Zealand outweighed a weaker performance in the US.



Group revenue increased to $273.1 million (AUD 341.5
million) in the six months that ended December 31, the jewelry retailer said in a recent
trading update. Same-store sales — those at branches open for at least a year —
climbed 0.5%.


Total sales in New Zealand, home to 53 of Michael Hill’s 347
stores, rose 4.1% in the local currency to $50.8 million (NZD 69.7 million).
Sales at its 83 Canadian shops surged 18% to $58.7 million (CAD 73.2 million).


Sales in Australia rose 1.7% to $148 million (AUD 185
million). Australia is Michael Hill’s largest market, with 172 stores in
operation in the country.

However, US sales slumped 15% to $5.9 million, with the company
closely monitoring its stateside business given the ongoing poor performance,
it noted.