Michael Hill expecting higher half year earnings

Thursday 13th January 2011

Jeweller Michael Hill International is reporting a 9.8% rise in same store sales for the six months to the end of December, compared to a year earlier.

It is forecasting a rise in earnings before interest and tax for the half year to between $32 million and $34 million, compared to $30.3 million for the corresponding period a year earlier.

Chairman Michael Hill said sales in the second quarter, including the key Christmas trading period, held up well with same store growth of 7.7%.

Directors were specially pleased to see sales in Canada and the US bounce back after tough trading conditions since late 2007, but retail conditions remained difficult in North America, Mr Hill said.

Total same store sales for the six months were up to $260.8 million, with total all store sales up 9.9% to $268.7 million.

In this country same store sales were up 6% to $55.6 million and all store sales rose 7% to $56.1 million, while in Australia same store sales were up 5.8% to $A138.3 million ($NZ180.8 million) with all store up 6.3% to $A141.1 million.

Canadian sales lifted 15.2% same store to $C17.2 million ($NZ22.8 million), and gained 23.6% on all stores to $C20.1 million.

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