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RAPAPORT... Michael Hill International reported that revenue rose 3.5 percent year on year to $290 million (AUD 382.3 million) in the first three quarters of its financial year that ended on March 31. On a same-store basis, however, sales rose just 0.9 percent to $272 million (AUD 358.4 million). In Australia, Michael Hill's largest market, revenue fell 1 percent to $174 million (AUD 228.9 million), while comparable-store sales declined 2.1 percent. Revenue in New Zealand rose 4.3 percent in local currency to $66 million (NZD 88 million) and same-store sales improved 4.8 percent. Sales in local currency for the company's stores across Canada jumped 15.5 percent to $48 million (CAD 60.6 million), but comparable-store sales rose only 2.9 percent. In the U.S., the retailer's smallest market, revenue increased 14.2 percent to $8.2 million and same-store sales rose 7.2 percent. Michael Hill concluded that the sales decline in its biggest market would pressure fiscal year results, but it vowed to focus on "correcting this downward trend" during the final quarter of the fiscal year. Michael Hill opened 11 brand stores in the past nine months, while closing two, accounting for a total revenue increase of 3.5 percent and resulting in a store count of 287 locations.
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