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The first quarter echoed the flat trading conditions of Michael Hill's 2013-14 full year results
The first quarter echoed the flat trading conditions of Michael Hill's 2013-14 full year results

Flat start to the year for Michael Hill jewellery

Michael Hill International has reported flat first quarter sales for the current fiscal year as it continues to trial its new jewellery brand’s retail model.

The Brisbane-based jewellery chain reported an overall same store sales increase of 0.3 per cent from $96 million to $96.2 million for the three months ended 30 September 2014.

While same store sales decreased 2 per cent from $63.3 million to $62 million in Australia, New Zealand same store sales rose 7 per cent to $19.7 million.

Sir Michael Hill, Michael Hill International chairman
Sir Michael Hill, Michael Hill International chairman

Michael Hill also reported increased sales in North America – Canada by 0.5 per cent to $12.5 million and the US by 10.6 per cent to $2 million.

All store sales for the jewellery chain increased 4 per cent for the period from $97.8 million to $101.7 million.

Company chairman Sir Michael Hill noted that the financial results did not include revenue generated by Emma & Roe, the jewellery brand that the company launched in April this year, explaining that its retail model was still being refined and tested.

The first quarter figures echoed Michael Hill’s flat results in the 2013–14 financial year. Although the company recorded a 9.7 per cent increase in total sales to $482.9 million in the 12-month period ended 30 June 2014 – the largest annual sales increase in three years – its net profit after tax fell 22 per cent from $32.1 million to $25 million.

“The decision to maintain dividends at the same level as 2012–13 reflects the flat trading conditions in our two most profitable markets, Australia and New Zealand,” Hill explained in a statement at the time. “It also factors in the company’s ambitions for growth in the coming years for both the Michael Hill and Emma & Roe brands.”

Founded in New Zealand in 1979, Michael Hill is now headquartered in Brisbane, Australia and operates 289 stores across New Zealand, Australia, Canada and the US.

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