|
RAPAPORT... Retail jeweler Michael Hill International Ltd. reported that revenue increased 6.8 percent year on year to $425 million (NZD 541.5 million) for the fiscal year that ended on June 30. However, same-store sales were nearly flat, up just 0.4 percent, at $387 million (NZD 492.7 million). The jeweler noted that sales during the final quarter of the fiscal period were difficult, especially in the key Australian market. Nonetheless, all markets finished the year with positive sales growth in local currency and on a same-store basis. Cash flow remained strong and Michael Hill's Professional Care Plan product continued to deliver solid growth to the group’s results, nearly doubling to $9.5 million (NZD 12 million). The revenue from these plans is carried on the balance sheet as deferred revenue and is then brought to income over the life of the plans. By region and in local currency, sales in Australia rose 10.5 percent year on year to AUD 284.3 million, while same-store sales increased 3.4 percent. Revenue in New Zealand improved 1.3 percent to NZD 110.5 million and comparable-store sales also rose 1.1 percent, while the company's Canada-based retail operations reported a sales improvement of 18.6 percent to CAD 52.5 million and a same-store sales gain of 0.8 percent. Revenue from U.S. operations rose 6.1 percent to $10.2 million and comparable-store sales increased 5.3 percent.
|