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

 

BusinessDesk: Weak Dairy Prices Prompt Pull Back In Fonterra Forecasts

Weak global dairy prices have prompted analysts to pull back their expectations for Fonterra Cooperative Group's payout to farmers for next season. More>>

Broadband Network: Spark Launches New, Competitive Ultra Fibre Plan Line-Up

Spark is giving customers an even more compelling reason to switch to its Ultra Fibre plans from today with the introduction of new competitive pricing for the majority of its plans (details below) and Fibre Landline (voice-over-fibre technology) for ... More>>

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news