You are using an older browser version. Please use a supported version for the best MSN experience.

Michael Hill jeweller lifts sales 5.7%

NZ Newswire logoNZ Newswire 9/01/2017 Rebecca Howard

<span style="font-size:13px;">Michael Hill delivers solid group sales on the back of strong Christmas trading.</span> © File Michael Hill delivers solid group sales on the back of strong Christmas trading. Jewellery chain Michael Hill International said preliminary results show total stores sales growth of 5.7 per cent in the six months to December, bolstered by trading in the Christmas period.

Group sales from its stores in Australia, Canada, New Zealand and the US reached $A328.1 million ($NZ344.4 million) in the first half of the year versus $A310.5m ($NZ325.9m) in the same period a year earlier, Michael Hill said in a release to the New Zealand stock exchange. Same store sales were up 1 per cent at $A307m ($NZ322m).

The company, which has the Michael Hill brand and the smaller Emma & Roe brand, said trading for the half ended on a "solid note with December's same store sales up 2.5 per cent for the month", despite choppy macro conditions and competitor discounting.

The Michael Hill brand delivered total store sales growth of 4.6 per cent and same store sales growth of 1 per cent in the six months while Emma & Roe reported total store sales growth of 72 per cent and same store sales growth of 1.1 per cent in the six-month period.

At the end of December there were 305 Michael Hill stores trading in Australia, New Zealand, Canada and the United States and 24 Emma & Roe in Australia and New Zealand.

Looking ahead, the company said 10 Michael Hill and six Emma & Roe stores will be opened in the second half of the year, resulting in 32 new stores opening in the year versus 19 in the prior period.

The majority of the 10 new Michael Hill stores will be opened in Canada. The company, however, continues to struggle in the US with same stores sales down 8.8 per cent in the first half.

Shares in the dual-listed Michael Hill were unchanged at $1.31 on the New Zealand stock exchange.

image beaconimage beaconimage beacon