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Michael Hill’s 1H Sales +9%; Mulls Australian Listing

Jan 10, 2016 11:13 AM   By Rapaport News
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RAPAPORT... Michael Hill reported sales increased 8.7 percent year on year in the first half that ended December 31. The results come as the jewelry retailer announced it is considering listing shares on the Australian Securities Exchange (ASX).

Revenue grew to $213 million (AUD 306.3 million), while same-store sales advanced 4.8 percent to $201.5 million, according to a statement January 8. The group opened six new Michael Hill stores during the half year, giving a total of 293 at the end of December.

Sales within the Michael Hill brand jumped 8 percent to $209.5 million and same-store revenue grew 4.5 percent to $199.1 million, a “pleasing” result following a “difficult second-half trade of 2014-15,” the statement said.

Total revenue from the Emma & Roe brand soared 96.2 percent to $3.4 million as three new stores opened in the period, while same-store sales catapulted 49.1 percent to $2.3 million. “While the Group still considers the Emma & Roe brand to be in a trial phase, there are plans to open a further five stores before the end of the financial year,” the statement said.

Separately, the company confirmed it is considering an ASX listing, as the company – founded in New Zealand – has over time moved its center of gravity to Australia.

“Over the past decade we have progressively migrated the majority of our key functions to Australia including the global support center, wholesale and manufacturing divisions and executive team,” Mike Parsell, Michael Hill’s chief executive officer, said in a statement January 7.

“The intellectual property in our retail systems was transferred to Australia in 2008 and in the 2014 financial year the group moved to report in Australian currency as required by international financial reporting standards.”

The group has 166 Michael Hill stores and 10 Emma & Roe stores in Australia, representing about 60 percent of stores globally. These outlets generated around 64 percent of earnings before interest and tax in the 2015 financial year and this is likely to increase as it builds the Emma & Roe brand, the statement said.
Tags: Australia, Australian Securities Exchange, data, Michael Hill, New Zealand, quoted, Rapaport News, results
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