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RAPAPORT... Michael Hill International reported that sales rose 3.4 percent year on year to $366 million (AUD 495.6 million) for the year that ended on June 30. Same-store sales improved only 0.7 percent. In Australia, the jeweler's largest market, sales fell 1.4 percent to $217 million (AUD 294.4 million), while comparable-store sales slipped 2.5 percent. Jewelry sales across New Zealand rose 3.9 percent to $74 million (NZD 114 million) and same-store sales jumped 4.3 percent. In Canada, sales surged 14.6 percent to $61 million (CAD 79.1 million) and same-store sales rose 2.5 percent. In the U.S., the company's smallest jewelry market, revenue rose 13 percent to $11.3 million, but comparable-store sales increased just 3.5 percent. Michael Hill will release its comprehensive financial report on August 14.
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