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Michael Hill FY same-store sales edge up 0.3 percent

Tuesday 10th July 2012

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Michael Hill International, the listed jewellery chain, said full-year same-store sales edged up 0.3 percent as revenue in its largest market of Australia continuing to shrink.

Same-store sales, which measures outlets open at least 12 months, fell to $473 million in the 12 months ended June 30, from $487.9 million a year earlier, the company said in a statement.

Total sales rose 4.6 percent to $510 million.

"While the past 12 months has had its challenges, especially in our largest market in Australia, the directors are satisfied with the overall performance of the group and in particular the growth achieved in New Zealand, Canada and the United States," Michael Hill, chairman said.

Same-store sales in the US rose 11.7 percent to about $12 million, followed by New Zealand up 7.3 percent to $106 million and Canada rising 0.7 percent to $45 million. Sales in Australian decreased 3.2 percent to $308 million.

The company's professional care plan, which offers maintenance and repairs on jewellery, recorded a 131 percent increase in sales to about $27 million in the latest 12 months.

"Professional care plan sales continue to contribute positively to the company's cash flow," Hill said. "The revenue from these plans is carried on the balance sheet as deferred revenue and is then brought to income over the life of the plans" which are for three years or life time.

The jewellery maker's full-year results for the 12 months ended June 30 will be released on Aug. 17.

Its shares are currently unchanged on 99 cents. They have gained about 12 percent this year.

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