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

 

Brewing: Lion To Buy Cult Upper Hutt Brewer Panhead

Lion - Beer, Spirits and Wine (NZ), New Zealand's biggest beer maker, has agreed to buy Panhead Custom Ales from the family of founder Mike Neilson, its second such purchase of a popular craft brewer after the acquisition of Dunedin-based Emerson's Brewing Co in 2012. More>>

ALSO:

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news