Strong first quarter for Michael Hill

Listed jeweller Michael Hill International is off to a good start for the financial year, with total sales up in all its markets.

Same-store sales were particularly impressive in Canada, where they rose nearly 21% in the three months ended September.

In Australia, they rose 11.5%, in New Zealand 19% and in the United States 17.5%. Total same-store sales grew 13.9%.

Eight stores were closed in the US in June last year and same-store results represented the remaining nine stores.

Sales across all stores were up 12.8%, which included a fall of 27% in US sales because of the store closures.

Australian all-stores sales were up 11.1%, New Zealand 19% and Canada 26.3%.

Chairman Michael Hill said the corresponding quarter in 2009 reflected the effects of the global financial crisis.

"However, the company is still very satisfied with the gains made in all markets.

"The second quarter is the most critical trading period for the group, so the next three months' trade will largely determine the result for the 2010-11 year," he said.

 

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