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

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news