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

 


Michael Hill annual sales rise at fastest pace in 3 years

Michael Hill annual sales rise at fastest pace in 3 years

By Tina Morrison

July 8 (BusinessDesk) - Michael Hill International, the jewellery chain that bears the name of its founder, increased sales 9.7 percent last year, the fastest pace in three years.

Sales rose to A$482.8 million in the 12 months ended June 30, from A$440 million a year earlier, the Brisbane-based retailer said in a statement. Same-store sales rose 5 percent to A$433.9 million.

The company relocated to Australia in 2008, transferring its intellectual property to an Australian subsidiary in a transaction that put its head office in its largest market and generated tax breaks. Michael Hill didn't provide any indication of profitability in its latest statement, and said it expects to release its 2014 earnings on Aug. 15.

In the past year, Australian sales rose 4.4 percent to A$302.1 million, while Canadian sales rose 37 percent to A$70.4 million, US sales rose 8.7 percent to A$10.9 million and sales in New Zealand gained 12 percent to A$99.5 million. However some of the gains reflected an appreciation in local currencies against the Aussie dollar, with New Zealand sales declining 1.5 percent in local currency terms, US sales declining 2.8 percent and Canadian sales appreciating at a 30 percent rate.

Sales from the retailer’s professional care plan business rose about 20 percent to A$31.7 million and the company brought A$20 million of the plan revenue to income, up 51 percent from the year earlier.

The shares advanced 0.8 percent to $1.24 on the NZX and have slipped 12 percent in the past year. The stock is rated a ‘buy’ based on the consensus of three analysts polled by Reuters, with a target price of $1.64.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news