Michael Hill sales slip in Australia, up slightly in NZ

Published 11 January 2006

Jewellery chain Michael Hill International Ltd said yesterday its New Zealand & Canadian sales were up in the December half but Australian sales were down.

Same-store sales in Australia for the December quarter were down 4.3% (5.3% in $A) on 2004.Same-store New Zealand sales for the December half rose 1.6%, Australian sales fell 2.3% and Canadian sales rose 9.9%.Group net profit after tax for the half was now expected to be in the range of $10.5-11.5 million, based on implementation of the new international financial reporting standards, which the company adopted from 1 July 2005.

Michael Hill made $12.2 million in the December 2004 half, which will be restated in February. The company will release its latest results on Thursday 16 February.

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