Michael Hill reported that group sales rose 5 percent year on year to $322.3 million (NZD 391.4 million) during the nine months that ended March 31, 2012. Same store sales were flat at $300.5 million (NZD 364.9 million) due to declines in Australia, which accounts for a large proportion of its sales.
“Third quarter sales were satisfactory in New Zealand, Canada and the U.S. however the Australian market continued to be difficult for the group due to the ongoing tight retail conditions,” Michael Hill explained. “This sluggishness in the Australian market has resulted in our group “same store” sales being flat for the 9 months, however the directors are pleased with the solid growth achieved in the other three markets.”
Total sales in Australia grew 3 percent to $211.8 million (NZD 257.2 million) during the nine months, while sales in New Zealand increased 8 percent to $68.9 million (NZD 83.7 million). Michael Hill’s sales in Canada rose 16 percent to $34.2 million (NZD 41.5 million) and in the U.S. they grew 11 percent to $7.1 million.