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Michael Hill's Sales +5% in First Three Quarters

Australian retail market still sluggish.
Apr 15, 2012 4:57 AM   By Avi Krawitz
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RAPAPORT... Michael Hill reported that group sales rose 5 percent year on year to $322.3 million (NZD ‎‎391.4 million) during the nine months that ended March 31, 2012. Same-store sales were ‎flat at $300.5 million (NZD 364.9 million) due to declines in Australia, which accounts for ‎a large proportion of its sales. ‎

The retailer explained that third-quarter sales were satisfactory in New Zealand, Canada and the U.S., however, the ‎Australian market continued to be difficult for the group due to the ongoing tight retail ‎conditions. 

Total sales in Australia grew 3 percent to $211.8 million (NZD 257.2 million) during the ‎nine months, while sales in New Zealand increased 8 percent to $68.9 million (NZD 83.7 ‎million). Michael Hill’s sales in Canada rose 16 percent to $34.2 million (NZD 41.5 million) ‎and in the U.S. they grew 11 percent to $7.1 million. ‎
Tags: Australia, Avi Krawitz, diamonds, jewellery, Jewelry, Michael Hill, New Zealand, Rapaport
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