The Brisbane-based jewellery chain recorded a 9.7 per cent rise in total sales to $482.9 million in the 12 months ended 30 June – up from $440 million the previous year. Same store sales increased 5 per cent to $433.9 million.
The group recorded positive results in each of its operating regions, with sales for all stores in Australia increasing 4.4 per cent to $302.1 million and sales in New Zealand rising 11.5 per cent to $99.4 million. The Canadian market achieved a 36.9 per cent increase in all store sales to $70.4 million, while sales in the United States rose 8.7 per cent to $10.8 million.
Some of these figures reflected negatively, however, against the Australian dollar – the currency used by the New Zealand Stock Exchange-listed company to report its financial statements. In local currency terms, New Zealand sales decreased 1.5 per cent, while a 2.8 per cent decline in the US was reported; a result attributed to the closure of one store in June 2013.
The latest financial statement did not include an indication of profitability, with the group announcing it expected to release its 2014 earnings report on 15 August.
Michael Hill was founded in New Zealand in 1979 before moving its headquarters to Brisbane, Australia in 2005. The company currently has 252 stores across New Zealand, Australia, Canada and the US.