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Michael Hill's Sales +5% in First Three Quarters
Apr 15, 2012 4:57 AM
By Avi Krawitz
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RAPAPORT... Michael Hill reported that group sales rose 5 percent year on year to $322.3 million (NZD 391.4 million) during the nine months that ended March 31, 2012. Same-store sales were flat at $300.5 million (NZD 364.9 million) due to declines in Australia, which accounts for a large proportion of its sales.
The retailer explained that third-quarter sales were satisfactory in New Zealand, Canada and the U.S., however, the Australian market continued to be difficult for the group due to the ongoing tight retail conditions.
Total sales in Australia grew 3 percent to $211.8 million (NZD 257.2 million) during the nine months, while sales in New Zealand increased 8 percent to $68.9 million (NZD 83.7 million). Michael Hill’s sales in Canada rose 16 percent to $34.2 million (NZD 41.5 million) and in the U.S. they grew 11 percent to $7.1 million.
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Tags:
Australia, Avi Krawitz, diamonds, jewellery, Jewelry, Michael Hill, New Zealand, Rapaport
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