Revenue from Australian same store sales for Michael Hill Jewellers is up 7.4 per cent so far this financial year, a figure that jumps to 9.9 per cent when newly opened stores are included.
In comparison, New Zealand same store sales have also increased to 6.4 per cent (or 6.5 per cent when new stores are included), Canada’s are down 13.2 per cent (although new stores lift the figure to 5.4 per cent growth) and overall US sales are up 1.5 per cent.
Company chairman Michael Hill said Australia and New Zealand stores have continued to grow in 2010.
“The March quarter saw continued good sales growth in both NZ and Australian markets,” Hill said in a company statement.
He attributed the company’s performance to the resurgence of financial markets.
“With the impacts of the global financial crisis receding, the company has also experienced some margin growth over the 9 months to date,” he said.
He also drew positives out of the poor North American results.
“Conditions in the US continue to be challenging, however we have achieved some sales and margin growth on a month by month basis in local currency terms,” he said, adding: “Conditions continued to be difficult for Canadian business although the decline each quarter this financial year has been better than the previous quarter.”
Overall, Michael Hill’s sales have risen 8.5 per cent, from approximately $241 million to $262 million.