Michael Hill same-store sales edge up
Tue, 10 Jul 2012 2:17p.m.
Michael Hill International, the listed jewellery chain, says full-year same-store sales edged up 0.3 percent as revenue in its largest market of Australia continued to shrink.
Same-store sales, for outlets open at least 12 months, fell to $473.2 million in the 12 months ended June 30, from $474.8 a year earlier, the company said in a statement.
Total sales rose 4.6 percent to $510.2m.
"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," chairman Sir Michael Hill said.
Same-store sales in the US rose 11.7 percent to about $12m, followed by New Zealand up 7.3 percent to $106m and Canada rising 0.7 percent to $45m. Sales in Australia decreased 3.2 percent to $309m.
The company's professional care plan, which offers maintenance and repairs on jewellery, recorded a 131 percent increase in sales to about $27m in the latest 12 months.
"Professional care plan sales continue to contribute positively to the company's cash flow," Sir Michael 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 jeweller's full-year results for the 12 months ended June 30 will be released on August 17.
Its share price is unchanged on 99 cents on Tuesday, having gained about 12 percent this year.
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