Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Michael Hill flags increased 1H earnings as sales rise 10%

Michael Hill flags increased 1H earnings as sales rise 10%

By Suze Metherell

Jan. 23 (BusinessDesk) - Michael Hill International, the jewellery chain that bears the name of its founder, expects first-half earnings to rise after reporting a 10 percent lift in sales over the period.

Earnings before interest and tax were between A$29 million and A$30 million in the six months ended Dec. 31 from A$28.6 million a year earlier, the Brisbane based jeweller said in a statement. That came from as sales rose to A$270.8 million across all its stores from A$246.3 million in 2013.

The revenue gains were led by a 38 percent increase in Michael Hill’s Canadian stores, which generated A$39.4 million, up from A$28.5 million.

New Zealand sales, when converted into local currency from the Australian dollar which the company reports earnings in, fell 4.1 percent, to NZ$60.9 million.

“Our New Zealand stores continued to struggle,” said the company in a statement. “This fall in revenue for the half was in part due to the settling in of a new retail management team mid-2013. The company is confident this decline will be reversed in the coming months.”

In Australian dollar terms, New Zealand sales rose 8.2 percent to A$49.7 million. A weaker Australian dollar supported the group’s 10 percent lift in revenue, which accelerated from an 8.7 percent rise in the first quarter.

Michael Hill’s Australian revenue rose 5.5 percent to A$171.7 million, while US sales gained 3.8 percent to A$5.5 million.

The company said sales in the US had been affected by the severe winter conditions over the Christmas period.

Shares in Michael Hill International were unchanged at $1.44, and have gained 18 percent over the past 12 months.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news