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Michael Hill revenue up but US struggles

Jewellery chain Michael Hill International says a flat performance in Australia and a sharp fall in the US have offset solid sales growth in New Zealand and Canada.

Group revenue of $310 million for the six months to December 31 is up 4.7 per cent on the prior corresponding period.

The Michael Hill brand's crucial same store sales only rose 0.7 per cent, in Australian dollar terms.

The weak comparable sales growth was due to a flat performance in Australia and a 10 per cent fall in the US which offset a 3.4 per cent rise in New Zealand and a 4.8 per cent lift in Canada.

While the group's charm and bracelets brand Emma & Roe's same store sales dropped 5.4 per cent.

Fourteen new Michael Hill stores and one Emma & Roe store opened during the half, lifting the group's total network to 347 stores.

Of the 317 Michael Hill stores, 172 are in Australia, 53 in NZ, 83 in Canada and the remainder in the US.

The company's statement to the ASX on Friday said it continued to closely monitor its US business given its ongoing poor performance.

It also said the group was in the final stages of a brand review and a market update would be made once management had completed its analysis of the findings.

Michael Hill shares closed half a cent lower at $1.235.

Austrlaian Associated PressBack to Breaking News

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