Friday 10th October 2008
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Sales rose to NZ$79.7 million in the three months ended Sept. 30, from NZ$71.2 million in the same period a year earlier, the jewelry chain said in a statement. Same-store sales rose 5.5%.
The figures show Australia made the biggest contribution to sales at NZ$55.6 million and recorded the strongest growth, 16.4% last quarter. Still, sales gained from the currency translation, a benefit that is unlikely to repeat in the current quarter, the company said.
The Australian stores "started to feel the pressure of global conditions during September," according to a statement signed by chairman Michael Hill. "We may experience some downside on consolidation of the important second quarter results."
The shares fell 11% to 66 cents today.
The company said it doesn't anticipate an improvement in New Zealand trading through this financial year, reflecting the weak domestic economy. New Zealand sales fell 3.7% last quarter.
Trading in Canada was also weak. Sales rose 13.8% last quarter as the company opened new outlets while same-store sales fell about 7%.
Michael Hill reported sales of NZ$638,000 from the U.S., where it acquired 17 stores from a failed jewelry chain.
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