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RAPAPORT... Michael Hill International reported that preliminary revenue increased 10.5 percent year on year to $350 million (AUD 372.1 million) for the nine months that ended on March 31. Comparable-store sales rose 5.4 percent. In local currencies, revenue in Australia increased 5.4 percent to $220 million (AUD 233.9 million), while same-store sales rose 1.4 percent and in Canada, revenue surged 30.6 percent to $48 million (CAD 52.5 million), while same-store sales jumped 9.4 percent. In New Zealand, sales fell 2.6 percent to $73 million (NZD 84.4 million) and same-store sales contracted by 2.6 percent, while in the U.S, revenue fell 7 percent to $7.2 million; however, comparable-store sales increased 2.8 percent. Michael Hill's professional care plan product (PCP) revenue collected $23 million (AUD 24.5 million), up 22.6 percent from the previous year and PCP revenue brought to income doubled to $12.4 million (AUD 13.2 million). The revenue from PCP is carried on the balance sheet as deferred revenue and is then brought to income over the life of the plans (3 year plans, and lifetime plans which are assigned a 10 year notional life for income recognition purposes).
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