Overall sales rose to $98.48 million in the period ended 30 September 2013. Same-store revenue increased 3.8 per cent to $91.68 million.
In local currency terms, the New Zealand Stock Exchange-listed retailer achieved a 5.5 per cent sales increase in Australia to $60.18 million, while New Zealand revenue for all stores decreased by 6.2 per cent to NZ$21.23 million (AU$18.7 million).
Sales in Canada jumped 25.4 per cent but the US market – the retailer’s smallest – declined by 4.2 per cent year-on-year. This was reportedly due to a store closure.
This is the first financial statement the company has released since announcing it would now report in Australian dollars (AUD) rather than New Zealand dollars (NZD).
Michael Hill is a New Zealand company and has historically reported in New Zealand dollars. The company’s administrative and executive operations however, are based in Australia and the majority of its revenues, profits and cash flows are generated in Australian dollars.
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