While times were tough in Australia, Michael Hill experienced encouraging growth in other markets.
Michael Hill continues to struggle in Australia
Michael Hill has posted a worrying drop in same-store sales across
Australia, while its other territories have reported more encouraging
New Zealand stock exchange listed company Michael Hill recorded a 2.3 per cent drop in same store sales in Australia last financial year.
This result was in sharp contrast to its success in the United States, where Michael Hill has a growing presence, registering overall sales of $9.5 million, amounting to a 17.7 per cent increase compared with last year and an impressive 16.9 per cent increase in same-store sales.
The company’s Canadian stores also posted growth, albeit to a lesser extent, with same store sales up 5.7 per cent, while New Zealand stores were up 7.3 per cent compared with the sales figures of the same stores in the last financial year.
“While the past 12 months has had its challenges, especially in our largest market in Australia,” company chairman Michael Hill said in a statement, “the directors are satisfied with the overall performance of the group and in particular the growth achieved in New Zealand, Canada and the United States.”
The drop in Michael Hill’s major market, Australia, negated the international increases and overall same stores declined 0.3 per cent, to $473 million. Nevertheless, with new store openings considered, the company experienced a 4.6 per cent overall rise in sales to NZ$510.2 million for the year.
Michael Hill Australian sales fall
Posted July 17, 2012