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Michael Hill Sales +9% in First 9 Months of Fiscal Year

U.S. Sales Drop 28%

Apr 26, 2011 5:28 AM   By Avi Krawitz
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RAPAPORT... Michael Hill, a New Zealand-based jewelry retailer, reported that global sales rose 9 percent year on year to $299.8 million (NZD 372.3 million) during the nine months that ended March 31, 2011.

Sales in Australia increased 10.5 percent to $202 million (NZD 250.9 million), while sales in New Zealand grew 5 percent to $62.5 million (NZD 77.6 million). Sales at Michael Hill’s Canada operations rose 22 percent to $28.9 million (NZD 35.9 million), and in the U.S. they fell 28 percent to $6.5 million (NZD 8 million. The company closed eight stores in the U.S. during the period and currently operates 9 stores in the country. Same store sales in the U.S. grew 13 percent.  

Tags: Avi Krawitz, diamond jewelry, jewelry retail, Michael Hill
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