QUARTER: MHI: 9 months sales update to 31 March 2010

9 Apr 2010 10:07 am

MHI 09/04/2010 QUARTER

REL: 1007 HRS Michael Hill International Limited

QUARTER: MHI: 9 months sales update to 31 March 2010

Michael Hill International Limited 9 months sales to 31 March 2010

Note that these figures represent 8 months accounting adjusted sales results plus March preliminary sales figures prior to final accounting adjustments and are unaudited. "Same stores" means that the store must have been open for trade for all of the 2 periods being compared.

The following figures are in NZ Dollars Last Year This Year % Var

Australia same stores 197,751,299 212,482,903 7.4% NZ same stores 68,852,594 73,244,314 6.4 % Canada same stores 25,988,640 22,546,380 -13.2% Total same stores $292,592,533 $308,273,597 5.4%

Australia all stores 206,595,640 227,111,847 9.9% NZ all stores 69,606,493 74,097,330 6.5% Canada all stores 27,847,119 29,349,994 5.4% USA all stores 10,908,372 11,074,199 1.5% Total all stores $314,957,624 $341,633,370 8.5%

Exchange rates used for the 9 months: Australia 0.83 0.81 Canada 0.70 0.77 USA 0.57 0.72

The following figures are in local currency Last Year This Year % Var

Australia same stores AUD 163,598,191 171,590,377 4.9% NZ same stores NZD 68,852,594 73,244,314 6.4% Canada same stores CAD 18,190,370 17,323,367 -4.8%

Australia all stores AUD 170,941,516 183,391,497 7.3% NZ all stores NZD 69,606,493 74,097,330 6.5% Canada all stores CAD 19,477,233 22,560,023 15.8% USA all stores USD 6,192,615 7,939,473 28.2%

Comments The March quarter saw continued good sales growth in both NZ and Australian markets. Conditions continued to be difficult for the Canadian business although the decline each quarter this financial year has been better than the preceding quarter. With the impacts of the global financial crisis receding, the company has also experienced some margin growth over the 9 months to date. Conditions in the US continue to be challenging however we have achieved some sales and margin growth on a month by month basis in local currency terms.

R.M. Hill 9/04/10 Chairman

All inquiries should be made to Mike Parsell CEO phone +61 403 246655 End CA:00193561 For:MHI Type:QUARTER Time:2010-04-09:10:07:33

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