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Still gold in Michael Hill's Australasian sales performance

Friday 9th April 2010

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Michael Hill International’s March quarter Australasian sales have grown, while conditions continue to be difficult for its Canadian and American stores as total all store sales have increased 8.5% to $341.6 million the company said in an update of nine months of sales for its current financial year.

On a same store basis Australian sales lifted 7.4% to $212.5 million and New Zealand rose 6.4% to $73.2 million. The all stores sales increase was even stronger, Australian sales lifting 9.9% to $227.1 million, N.Z. up 6.5% to $74.1 million.

“Conditions continued to be difficult for the Canadian business, although the decline each quarter this financial year has been better than the preceding quarter,” chairman Michael Hill said. “With the impacts of the global financial crisis receding, the company has also experienced some margin growth over the nine 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.”

Canadian same store sales fell 13.2% to $22.5 million, though across all stores, sales increased 5.4% to $29.3 million.

American all stores sales have lifted 1.5% to $11.1 million.

Its shares remained steady this morning at $0.70.

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