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

Michael Hill shares in sparkling form

NZ NewswireNZ Newswire 7/07/2016 Paul McBeth
Earnings before interest and tax was between $A46 million ($NZ48.53m) and $A48m ($NZ50.64m) in the 12 months ended June 30, up from A$42.1m a year earlier, the Brisbane-based company said in a statement. © Getty Images Earnings before interest and tax was between $A46 million ($NZ48.53m) and $A48m ($NZ50.64m) in the 12 months ended June 30, up from A$42.1m a year earlier, the Brisbane-based company said in a statement.

Michael Hill International, the listed jewellery chain that's shifting its primary listing to Australia, lifted annual earnings by as much as 5.9 per cent, boosting sales across all its territories and opening new Emma & Roe stores.

The shares jumped 15 per cent to NZ$1.31 on the NZX.

Earnings before interest and tax was between $A46 million ($NZ48.53m) and $A48m ($NZ50.64m) in the 12 months ended June 30, up from A$42.1m a year earlier, the Brisbane-based company said in a statement. Annual sales rose 8.9 per cent to $A545.1m ($NZ575.06m), with its Michael Hill brand increasing revenue 8.1 per cent to $A535.8m ($NZ565.25m) and the Emma & Roe chain almost doubling sales to $A9.3m ($NZ9.81m). On a same-store basis, sales were up 4.8 per cent across Michael Hill and 34 per cent at Emma & Roe.

Last month, shareholders in the jewellery chain voted in favour of a restructuring plan to shift the assets into a new company incorporated in Australia and listed on the ASX.

Thursday's statement shows the company's Michael Hill chain lifted sales in Australia 4.2 per cent to $A307m ($NZ323.87m), the smallest gain. The New Zealand operations generated a 7 per cent increase in local currency sales, rising 7 per cent to NZ$122m, while Canada sales rose 19 per cent to C$93.9m ($NZ100m) and US revenue was up 24 per cent to $US14m ($NZ19.65m).

The Emma & Roe chain is only in New Zealand and Australia so far, with Australian sales climbing 90 per cent to $A8.7m ($NZ9.18m) and New Zealand revenue more than doubling to NZ$731,000. Michael Hill plans to open 12 more stores in Australia and four in New Zealand in the coming financial year.

image beaconimage beaconimage beacon