New Zealand retailer Michael Hill profit rises in H1
Michael Hill International, a New Zealand-based jewelery retailer, has posted 11.5% increase in first half (H1) profit on the back of higher sales.
Net profit for the six months to 31 December 2011 was NZ$26.3m ($21.73m), compared to NZ$23.9m ($19.75m) in the corresponding period last year. Same store sales were up by 1.7%.
The New Zealand retail segment revenue grew by 8.5% to NZ$60.908m ($50.334m) in the six months, with an operating surplus of NZ$12.192m ($10.075m), an increase of 12.7% on the corresponding period last year.
The Australian segment revenue rose 4.4% to A$147.091m ($156.887m), with an operating surplus of A$24.382m ($26m), compared to AU$25.079m ($26.749m) for the previous corresponding period, a decrease of 2.8%.
During the period, the firm has opened seven new stores and closed one. As of 31 December 2011, the retailer operated 245 stores.
Michael Hill International, controlled by founder Michael Hill and family interests, operates stores in Australia, New Zealand and North America.
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