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Michael Hill
Michael Hill

Michael Hill continues to soar

New Zealand’s biggest speciality jeweller Michael Hill has recorded a leap in sales for its first quarter of the new financial year.
The retailer, which operates in New Zealand, Australia, the US and Canada, achieved total sales up 12.8 per cent to NZ$95.4 million ($76.7 million) for the three months ending September 30. Sales in Australia climbed 11.1 per cent to NZ$64.1 million ($51.6 million), while New Zealand sales soared 19 per cent to NZ$20.8 million ($16.7 million).

Same store sales for Australia increased 11.5 per cent to NZ$63.3 million ($51.2 million). No new stores opened in New Zealand during the year.

The only country to record a decrease in total sales was the United States, with a 27 per cent decrease to NZ$1.93 million ($1.55 million) after the closure of eight of its 17 stores in June. Same store sales for the remaining nine stores in the US increased 17.5 per cent to NZ$1.93 million ($1.55 million).

Canada recorded a 20.9 per cent leap in its same store sales and a 26.3 per cent leap in its total sales, the biggest improvement of all four countries.

Chairman Michael Hill was upbeat about the first-quarter results. “The company has experienced a good first quarter of trade in all markets against out last year results,” he said.

“The corresponding quarter in 2009 was still feeling the effects of the global financial crisis, however the company is still very satisfied with the gains made in all markets.”

More reading:
Michael Hill plots global diamond ring contest
Michael Hill earnings soar
More stores for Michael Hill
Michael Hill closes stores

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Friday, 24 May, 2019 10:08pm
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