Published 9 January 2010
Michael Hill International Ltd rose from a flat September quarter to a 4.4% improvement in same-store sales at the end of the December quarter.
The translation to $NZ didn’t help the company’s Canadian & US results, which were much stronger in local currency, although the Canadian same-store performance was still a loss.
Chief executive Mike Parsell said yesterday retail conditions were still difficult in North America, although some encouraging trends emerged in the second quarter.
As well as the same-store lift, all-store sales rose by 7.9% for the half-year. The sales figures are based on 5 months sales-adjusted plus preliminary figures for December, all unaudited.
In $NZ, same-store sales for the half-year were:
Australia, $153.3 million, up 6.2%NZ, $51.7 million, up 5.4 %Canada, $16.2 million, down 12.6%Total, $221.2 million, up 4.4%.
All-store sales in $NZ were:
Australia, $163.4 million, up 8.8%NZ, $52.3 million, up 5.5% Canada, $21.1 million, up 7%US, $7.5 million, up 7%Total, $244.3 million, up 7.9%.
Same-store sales in local currency were:
Australia, $C124.4 million, up 3.6%NZ, $51.7 million, up 5.4%Canada, $C12.5 million, down 4.9%
All-store sales in local currency were:
Australia, $A132.6 million, up 16%NZ, $52.3 million, up 5.5%Canada, $C16.3 million, up 16.6%US, $US5.3 million, up 30.9%.
Michael Hill International will release its half-year operating results on Thursday 18 February. Want to comment? Go to the forum.
Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.