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Michael Hill enjoys healthy revenue gain

NZ NewswireNZ Newswire 7/04/2016 Tina Morrison

Listed jewellery retailer Michael Hill International says revenue rose 9.1 per cent in the first nine months of its financial year as sales increased across all of its four geographic markets.

Revenue at its Michael Hill and Emma & Roe jewellery chains advanced to $A420.8 million in the nine months ended March 31, from $A385.9 million a year earlier, the Brisbane-based company said.

Sales at its Michael Hill stores in Australia, the company's largest market, rose 4.3 per cent to $A238.7m, or by 3.5 per cent excluding changes in stores.

In New Zealand, Michael Hill sales gained 6.5 per cent to $NZ93.7m, with the percentage gain unchanged on a same-store basis.

In Canada, sales rose 20 per cent and they jumped 29 per cent at US stores.

The retailer added eight Michael Hill stores during the period, taking the total to 295.

The company's fledgling Emma & Roe chain boosted Australian sales 83 per cent and its New Zealand sales for the brand gained 165 per cent.

It opened six new Emma & Roe stores during the period, taking the total to 14. The company said the brand is still in a "trial phase", and it plans to open a further two stores before the end of the financial year.

Shares in Michael Hill last traded at $1 and have gained 1 per cent this year.

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